Uber CEO Dara Khosrowshahi announced in San Francisco that the company is exploring the potential of using stablecoins for payments. Uber Considers Using Stablecoins in Payments Stating that stablecoins go beyond cryptocurrencies being just a store of value, Khosrowshahi said, “Stablecoins are one of the most interesting applications of crypto that offer practical benefits.” Emphasizing that Uber is interested in stablecoin technology in order to optimize global payment systems, Khosrowshahi said that these assets have the potential to reduce costs, especially in international money transfers. The CEO also made it clear that his interest in stablecoins is higher than Bitcoin: “Stablecoins are proven instruments. There are different views on the future of Bitcoin.” Khosrowshahi said Uber has not yet decided on the transition to this technology, adding that the company is currently in the “research phase.” Since Uber is one of the most used services in the world, it is thought that such an integration could be effective on a global scale. Khosrowshahi's interest in cryptocurrencies is not new. In a statement he made in 2021, he said Uber was open to accepting payments in Bitcoin and other cryptocurrencies if sufficient benefits were provided. However, the company also made it clear at the time that it had no plans to hold Bitcoin as a treasury asset. He stated that Uber would “definitely” accept crypto in 2022, but expressed reservations about the high exchange costs and environmental impacts. Uber’s stablecoin move also coincides with growing regulatory efforts in the U.S. The regulatory efforts, which are being pushed forward with the open support of former President Donald Trump, aim to create a clear framework for stablecoin issuers. The most prominent regulation is the bill known as the Genius Act. In this process, stablecoin initiatives from the traditional finance world are also drawing attention. Major banks such as Bank of America, Citigroup and Wells Fargo are reportedly discussing a joint stablecoin development plan through their subsidiaries. *This is not investment advice. Continue Reading: Transportation Network Giant Uber Prepares to Use Stablecoins in Payments! Here Are the Details
