Uber Exploring Use of Stablecoins to Reduce Costs, According to CEO
The ridesharing behemoth Uber is currently in the “study phase” of exploring the use of stablecoins to potentially lower global money transfer costs, according to CEO Dara Khosrowshahi.
Khosrowshahi mentioned during his appearance at the Bloomberg Tech Summit in San Francisco on June 5 that Uber is “definitely going to take a look” at stablecoins.
“We’re still in the study phase, I’d say, but stablecoin is one of the more intriguing applications of crypto that provides practical advantages beyond merely serving as a store of value,” he stated.
“People can have their opinions on Bitcoin, but it’s a recognized commodity, and views on its future vary widely,” he added.
Uber CEO Dara Khosrowshahi mentioned that the company is exploring the feasibility of using stablecoins. Source: YouTube
Stablecoins are a category of cryptocurrency designed to replicate the value of traditional currencies, most often the US dollar. They are typically secured by reserves of cash and short-term government bonds.
Khosrowshahi noted that stablecoins are “super interesting to us,” particularly as a method for transferring funds.
“I believe that stablecoins have significant potential, especially for global firms engaged in the international movement of money, offering a means to effectively lower costs associated with cross-border transactions,” he said.
Growing Interest in Stablecoins
There is an increasing interest in stablecoins from various companies and banks for business applications.
In May, John Collison, co-founder and president of payments giant Stripe, revealed in an interview with Bloomberg that the company was in preliminary discussions with banks regarding the potential integration of stablecoins.
Additionally, a report released on May 14 by enterprise-class digital asset platform Fireblocks indicated that 90% of surveyed institutional participants are considering the incorporation of stablecoins into their operations.
Countries are also taking a keen interest in stablecoins. A proposal was presented by a Russian finance ministry official in April for the government to create its own stablecoin, while a consortium of three major institutions in Abu Dhabi collaborated to develop a new dirham-pegged stablecoin during the same month.
Related: $1T stablecoin supply could drive the next crypto rally — CoinFund’s Pakman
The market capitalization of US dollar-denominated stablecoins continued its upward trajectory, surpassing $230 billion in April, according to a report by investment banking giant Citigroup. This reflects a 54% increase from the previous year, with Tether (USDT) and USDC (USDC) commanding 90% of the market.
Total stablecoin volumes soared to $27.6 trillion in 2024, exceeding the combined volumes of Visa and Mastercard by 7.7%. Concurrently, data from Artemis indicates that $94.2 billion worth of stablecoin transactions were processed from January 2023 to February 2025.
Magazine: Absurd ‘Chinese Mint’ cryptocurrency scam, Japan’s venture into stablecoins: Asia Express
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