New York regulators directed a crypto company to stop issuing one of the largest dollar-pegged cryptocurrencies, as a government clampdown on the sector widens.

The U.S. Securities and Exchange Commission (SEC) intends to sue stablecoin issuer Paxos, which is behind the Pax Dollar (USDP) and Binance USD (BUSD) tokens, over the latter stablecoin, the Wall Street Journal reported Sunday.

The U.S. Securities and Exchange Commission (SEC) intends to sue stablecoin issuer Paxos, which is behind the Pax Dollar (USDP) and Binance USD (BUSD) tokens, over the latter stablecoin, the Wall Street Journal reported Sunday.

PayPal's putting work on its stablecoin on ice amid increasing regulatory scrutiny, Bloomberg News reported, citing a source.

Stablecoin giant Paxos confirmed to be under investigation by New York financial authorities.

The USDP stablecoin lost its peg briefly on Feb. 10 after falling to $0.98. The New York Department of Financial Services (NYDFS) is reportedly probing Paxos.

NY regulator is investigating Paxos; Ethereum co-founder Joe Lubin says no chance ETH is classed as security; Worldcoin to raise $120M at $3B token valuation.

The New York Department of Financial Services (NYDFS) is investigating stablecoin issuer Paxos, CoinDesk has learned.

Paxos, the most comprehensively regulated blockchain and tokenization infrastructure platform, announced it is launching an engineering research & development center of security and cryptography excellence in Israel.

Stablecoin issuer Paxos proposed paying a steady fee to decentralized finance giant MakerDAO for holding up to $1.5 billion of Pax USD (USDP) stablecoin among its reserves.