After the change in the United States’ leadership, the agencies have shown their softer stance on digital assets. Most recently, the SEC of the U.S. has dropped an investigation into PayPal’s stablecoin PYUSD without any enforcement action.
The Securities and Exchange Commission’s April 29, 2025, filing notes that it has dropped the investigation against PayPal.
Especially after Donald Trump’s victory, the digital finance infrastructure of the United States has seen major changes, and the appointment of a new chair of the SEC has helped the cryptocurrency market in the nation.
SEC is changing its stance after Trump came into power
Most recently, Paul Atkins took oath as the chair of the Securities and Exchange Commission of the United States, and before his appointment, Mark Uyeda served as interim chair of the commission.
As per available information, the enforcement division of the SEC has issued a subpoena to PayPal requesting necessary documents linked to PYUSD.
And in February this year, PayPal was informed that the inquiry had been closed with no further action taken; this is not the first investigation or case dropped by the SEC. Earlier high-profile cases like Robinhood, Immutable, Nova Labs, and Kraken, including others, were disposed of.
PYUSD eyeing a new position among other stablecoins
PayPal USD has been working actively to expand its dominance in the wider stablecoin category and is still far below leaders like USDT and USDC, but with time, its market cap has continued to balloon, and when writing, it was $879.92 million, and PYUSD’s trading volume is $21.87 million.
At a time in 2024, the market cap of PYUSD had reached $1 billion, but since the beginning of this year, it has fallen drastically, but in the wider finance market still argues PayPal and its penetration in Web3 and crypto are still expected to create a new image in the digital asset market.
When writing, the global stablecoin market was valued at $239,442 773, 950 and the trading volume was $69,639,695,544, and the market cap being highest contributed by USDT and followed by USDC.
In terms of prices, Aptos Coin is trading at $5.41, followed by Edelcoin, Parallel, VNX British Pound, VNX Swiss Franc, Saving Dai, USDJ, and EURC.
USDT has the highest trading volume, followed by USDC, FDUSD, DAI, EURC, GUSD, USDe, TUSD, RLUSD, USD1, and PYUSD.
From $130 billion in early 2024 to $235–239 billion in April 2025, the stablecoin market value grew by 80.7%.
Adoption has been limited by lower market interest, fewer trade pairings, and weaker liquidity as compared to USD stablecoins.
