PayPal has halted work on its stablecoin amid increased scrutiny of cryptocurrencies by regulators and probe faced by a key partner in the project by the New York State Department of Financial Services. PayPal Stablecoin Project Paused Due to Paxos Probe PayPal had hoped to debut the stablecoin, which will be backed one-for-one by the US dollar, in the coming weeks, but will delay that work as it seeks to understand the changing regulatory landscape for such digital assets. New York regulators have been investigating Paxos Trust Co., a cryptocurrency firm PayPal was working with on its stablecoin effort. New
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