SEC Subpoenas PayPal Over Stablecoin Issued by Paxos
- PayPal received subpoena from SEC regarding its PYUSD stablecoin
- SEC requested documents related to the stablecoin launched in August
- PYUSD is issued by Paxos and backed by USD deposits and Treasurys
- Stablecoin has seen fast adoption, reaching $150M market cap in 2 months
- Sharp rise came as major exchanges listed PYUSD after launch
- SEC action is further evidence of difficult crypto environment in US
