PayPal has halted the debut of its stablecoin amid heightened regulatory scrutiny in the crypto industry and news of a probe by the New York State Department of Financial Services (NYSDF) into its key partner, Paxos.

Crypto firm Paxos was working closely with PayPal to launch a ‘PayPal Coin,’ announced last year when it was leaked by Bloomberg. The coin was intended to be backed by the US dollar. However, the incumbent launch was halted on Friday.

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