PayPal is pausing work on its stablecoin as regulators increase scrutiny of cryptocurrencies and a key partner in the project faces a probe by the New York State Department of Financial Services. Stablecoins are intended to hold a set value, and some are underpinned by a matching reserve of assets such as cash and bonds.

source https://www.gadgets360.com/cryptocurrency/news/paypal-pauses-work-stablecoin-amid-increased-crypto-scrutiny-regulators-3772981#rss-gadgets-all