"We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators," a spokesperson for the payments firm said in an emailed statement.
The cryptocurrency market is going through a turbulent
period as the collapse of some of its biggest players, including
FTX, has shaken the faith of investors in what was seen as the
next big thing in the world of finance.
A string of high-profile bankruptcies has sparked tough
global regulatory scrutiny of firms operating in the crypto
industry.
The macroeconomic weakness has also begun to pressure growth
at PayPal's core business as consumer spending, particularly
discretionary purchases, comes under pressure due to a
cost-of-living crisis, triggered by decades-high inflation.
(Reporting by Manya Saini in Bengaluru; Editing by Anil
D'Silva)
