So let me get this straight:
The SEC tells Coinbase that "everything is a security except #bitcoin" and 7 days later PayPal releases a new shitcoin?
🤔
Discussion
Stablecoins are an interesting case. I'm not sure they qualify as securities since there's no expectation of profits and as such I don't think it can be considered an "investment contract".
I fail to see the difference between this "offering" and a usd balance. There's no way you can custody this yourself.