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PayPal pauses stablecoin work amid regulatory scrutiny of crypto - Bloomberg News
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2023-02-11
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Summary：PayPal had hoped to debut the stablecoin, which will be backed one for one by the dollar, in the coming weeks, Bloomberg reported, citing a person with knowledge of the matter. The macroeconomic weakness has also begun to pressure growth at PayPal's core business as consumer spending, particularly discretionary purchases, comes under pressure due to a cost-of-living crisis, triggered by decades-high inflation.
PayPal had hoped to debut the stablecoin, which will be backed one for one by the dollar, in the coming weeks, Bloomberg reported, citing a person with knowledge of the matter. The macroeconomic weakness has also begun to pressure growth at PayPal's core business as consumer spending, particularly discretionary purchases, comes under pressure due to a cost-of-living crisis, triggered by decades-high inflation.
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