PayPal Stops Working on its Stablecoin

US payments company PayPal has stopped the development of its own stablecoin amid news of the NYDFS investigation into Paxos, the issuer of BUSD and PUSD.

According to Bloomberg, Paxos has partnered with PayPal in issuing a “stablecoin”. The debut of the token was supposed to take place “in the coming weeks.”

For now, the payments giant is looking to understand the changing regulatory landscape for such assets, according to people familiar with the matter.

A company spokesperson has said:

“We are studying a ‘stable coin’. If and when we start moving forward, we will certainly work closely with regulators.”