Ridesharing large Uber is within the “research section” of utilizing stablecoins to assist cut back the prices of transferring cash world wide, says its CEO Dara Khosrowshahi.
Khosrowshahi stated on stage on the Bloomberg Tech Summit in San Francisco on June 5 that Uber is “undoubtedly going to have a look” at stablecoins.
“We’re nonetheless within the research section, I’d say, however stablecoin is without doubt one of the, for me, extra attention-grabbing instantiations of crypto that has a sensible profit apart from crypto as a retailer of worth,” he stated.
“Clearly, you’ll be able to have your opinions on Bitcoin, nevertheless it’s a confirmed commodity, and you recognize, folks have totally different opinions on the place it’s going,” he added.
Stablecoins are a sort of cryptocurrency aiming to reflect the worth of conventional currencies, mostly the US greenback. They’re sometimes backed by reserves of money and short-term authorities bonds.
Khosrowshahi stated that stablecoinsbare “tremendous attention-grabbing to us,” primarily as a fee automobile for transporting cash.
“I do assume that stablecoin is sort of promising, particularly for world corporations which are transferring cash round globally to create a mechanism for us to basically cut back prices when it comes to transferring cash internationally,” he stated.
Stablecoin curiosity on the rise
Different corporations and even banks have been more and more concerned about utilizing stablecoins in some type for enterprise.
In Could, co-founder and president of fee large Stripe John Collison stated in an interview with Bloomberg that his firm had been in early discussions with banks about doubtlessly integrating stablecoins.
In the meantime, a Could 14 report from enterprise-grade digital property platform Fireblocks discovered that 90% of institutional gamers surveyed are exploring the usage of stablecoins of their operations.
Nations are additionally displaying curiosity in stablecoins. A Russian finance ministry official floated a plan for the federal government to develop its personal stablecoin in April, whereas a trio of main Abu Dhabi establishments teamed as much as create a brand new dirham-pegged stablecoin in the identical month.
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The market cap of US dollar-denominated stablecoins has continued to develop, crossing $230 billion in April, a report from funding banking large Citigroup discovered, making a rise of 54% since final 12 months, with Tether (USDT) and USDC (USDC) dominating 90% of the market.
Whole stablecoin volumes hit $27.6 trillion in 2024, surpassing the mixed volumes of Visa and Mastercard by 7.7%. On the similar time, information from Artemis exhibits that $94.2 billion in stablecoin transactions had been settled between January 2023 and February 2025.
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