The U.S. Securities and Exchange Commission has stepped up its review of crypto companies tied to stablecoin products, issuing new subpoenas to several platforms, according to people familiar with the matter. The latest action suggests regulators are looking more closely at how these products are classified and promoted to investors.

Stablecoins are designed to hold a steady value, often by being linked to assets such as the U.S. dollar. But their legal status has remained a point of dispute, especially as companies expand marketing around products that blend payments, trading, and yield features.

The subpoenas add pressure to an industry that has long pushed for clearer rules while facing recurring questions about transparency, reserves, and consumer risk. For crypto firms, the inquiry could affect both product design and how they describe those offerings to the public.

The SEC has not publicly detailed the scope of the investigation, and the companies involved have not been identified in the Reuters report. Still, the move signals that stablecoins remain a regulatory flashpoint as U.S. officials weigh tighter oversight of digital assets.