Payments firm PayPal Holdings said on Thursday it had received a subpoena from the Securities and Exchange Commission (SEC) tied to its U.S. dollar stablecoin.

The company became the first major financial technology firm to embrace digital currencies for payments and transfers when it launched its stablecoin in August.

Stablecoins are crypto tokens whose monetary value is pegged to a stable asset to protect potential investors from wild volatility.

  - Reuters