Specifically, the company disclosed this regarding the SEC demand: “On November 1, 2023, we received a subpoena from the U.S. SEC Division of Enforcement relating to PayPal USD stablecoin.”
The San Jose, California-based company, which caters to consumer and merchant customers online and in-store, has struggled in recent years to enable its well-known brand to deliver bigger profits. PayPal has about 428 million active users, including about 35 million merchant accounts, with annual payment flows of about $1.5 trillion, according to the financial firm William Blair, which follows the company for its investment clients.
