- Uber is an international ride-sharing platform that connects passengers with drivers through a mobile app for fast, convenient transportation.
- Cross-border payments are typically carried out between a sender and receiver e in different countries.
- Stablecoins are a type of cryptocurrency designed to maintain a stable value by being pegged to a reserve asset, most commonly a fiat currency like the US dollar.
Dara Khosrowshahi the Chief Executive Officer of Uber says the transport provider is considering the use of stablecoins to streamline international payments and reduce associated costs. These comments came during his interview at the Bloomberg Tech Summit in San Francisco.
Khosrowshahi finds the blockchain-based digital assets, pegged to traditional fiat currencies such as the U.S. dollar, a “super interesting” potential solution for global businesses like Uber.
He said, “We’re still in the study phase”.
“But I think stablecoin is one of the more interesting instantiations of crypto that has a practical benefit beyond being a store of value.”
He noted that stablecoins could help multinational companies like Uber move money more efficiently across borders, potentially lowering transaction costs.
“For global companies moving money around the world, stablecoins could create a mechanism to reduce costs. That’s super interesting to us, and we’re definitely going to take a look.”
Khosrowshahi
His remarks coincided with the public debut of stablecoin issuer Circle on the New York Stock Exchange, which operates USDC and Euro Coin (EURC).
Interestingly the Trump Administration has positioned itself as a crypto friendly government and signed a Bitcoin Executive Order earlier this year to allow the US to acquire Bitcoin under strict budget conditions.
