Uber in ‘study phase’ of using stablecoins to lower costs, says CEO

Ridesharing giant Uber is in the “study phase” of using stablecoins to help reduce the costs of moving money around the world, says its CEO Dara Khosrowshahi.

Khosrowshahisaidon stage 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, for me, more interesting instantiations of crypto that has a practical benefit other than crypto as a store of value,” he said.

“Obviously, you can have your opinions on Bitcoin, but it’s a proven commodity, and you know, people have different opinions on where it’s going,” he added.

Stablecoinsare a type of cryptocurrency aiming to mirror the value of traditional currencies, most commonly the US dollar. They’re typically backed by reserves of cash and short-term government bonds.

Khosrowshahi said that stablecoins are “super interesting to us,” primarily as a payment vehicle for transporting money.

“I do think that stablecoin is quite promising, especially for global companies that are moving money around globally to create a mechanism for us to essentially reduce costs in terms of moving money internationally,” he said.

Stablecoin interest on the rise

Other companies and even banks have been increasingly interested in using stablecoins in some form for business.

In May, co-founder and president of payment giant Stripe John Collisonsaid in an interview with Bloombergthat his company had been in early discussions with banks about potentially integrating stablecoins.

Meanwhile, a May 14 report from enterprise-grade digital assets platform Fireblocks foundthat 90% of institutional players surveyedare exploring the use of stablecoins in their operations.

Countries are also showing interest in stablecoins. A Russian finance ministry official floated a plan for the government todevelop its own stablecoinin April, while a trio of major Abu Dhabi institutions teamed up tocreate a new dirham-pegged stablecoinin the same month.

Related:$1T stablecoin supply could drive next crypto rally — CoinFund’s Pakman

The market cap of US dollar-denominated stablecoins has continued to grow, crossing $230 billion in April, areport from investment banking giant Citigroupfound, making an increase of 54% since last year, with TetherUSDT$1.00Tether USDtChange (24h)0.00%Market Cap$139.38BVolume (24h)$74.37BView Moreand USDCUSDC$0.9995USDCChange (24h)0.03%Market Cap$52.16BVolume (24h)$7.88BView Moredominating 90% of the market.

Total stablecoin volumes hit$27.6 trillion in 2024, surpassing the combinedvolumes of Visa and Mastercard by 7.7%. At the same time, data from Artemisshowsthat $94.2 billion in stablecoin transactions were settled between January 2023 and February 2025.

Magazine:Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express

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