Despite PayPal’s dominant position in the payments business, its stablecoin project, PYUSD, has stalled. Numerous integrations have not managed to attract users. The company is now subsidizing the stablecoin’s yield on DeFi platforms. Can this become a standard feature of private money?

PayPal and Paxos's promising stablecoin is lagging behind its rivals. PYUSD circulation has dropped, and new partnerships and integrations are rare and far from impressive.

The payment firm reported on Wednesday that it had received a subpoena from the SEC requesting information on its PYUSD stablecoin.

Crypto.com teams up with PayPal and Paxos to become a preferred PYUSD exchange as the novel stablecoin conquers markets.

MetaMask is expanding its reach. The popular Web3 wallet has added a ’Sell’ feature to its Portfolio platform, has PayPal integrated and is currently preparing 'Snaps', which will allow users to interact with different blockchains from inside their MetaMask wallet.

On Monday, online payments processor PayPal announced the launch of its long-promised dollar-pegged stablecoin. The token was originally expected in Q1 2023, but was delayed following an SEC notice against issuing partner Paxos.

The online payment processor is now holding almost half a billion dollars worth of bitcoin on behalf of its customers, along with ether, litecoin and bitcoin cash.

Bloomberg journalists reported that PayPal suspended work on its own stablecoin amid the problems of Paxos and BUSD.