PayPal delays stablecoin work as key partner under NYDFS probe
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PayPal Holdings (NASDAQ:PYPL) has put its stablecoin work on hold as New York regulators were said to have investigated its key partner in the project earlier this week, Bloomberg reported Friday, citing a person familiar with the matter.

The payments giants' crypto partner, Paxos, issues stablecoins pax dollar (USDP-USD) and binance USD (BUSD-USD).
A stablecoin is a digital token whose value is pegged to a reference asset, typically fiat currencies (think U.S. dollar) or commodities (think gold). San Jose, California-based PayPal (PYPL) in January 2022 had started exploring the launch of its own dollar-pegged stablecoin as part of its push into the cryptocurrency space.
The debut of PayPal's (PYPL) stablecoin was initially slated for the coming weeks, the person told Bloomberg.
Neither PayPal nor Paxos immediately responded to Seeking Alpha's request for comment.
Towards the end of 2022, PayPal (PYPL), which started offering its crypto-related services in October 2020, was said to integrate its crypto services with MetaMask wallet for ethereum (ETH-USD) transactions.