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Fortune

Ben Weiss

PayPal just paused its plan to release a stablecoin after reports its partner is under investigation amid a larger crypto crackdown

PayPal United States Crypto Dan Schulman Fortune Kraken Paxos

Dan Schulman listens to other speaker on stage at conference. (Credit: Jordan Vonderhaar—Bloomberg/Getty Images)

The digital payments giant PayPal is reportedly pausing work on its stablecoin following news that its partner in the effort is under investigation by a New York regulatory agency.

PayPal, which just released its fourth quarter earnings for 2022 on Thursday, was set to debut its stablecoin in the next few weeks, but is no longer going through with the release, Bloomberg reported. The payment provider’s decision comes after Paxos, a stablecoin developer that has previously partnered with Binance and Mastercard, was reported on Thursday by CoinDesk to be in the crosshairs of the New York Department of Financial Services, a niche branch of state government and a key player among U.S. cryptocurrency regulators. Reasons for the investigation were unclear.

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