Uber CEO mulls using stablecoins to cut cost of moving money
Uber is exploring the use of stablecoins to reduce international money transfer costs, according to CEO Dara Khosrowshahi. The company is in the "study phase" regarding stablecoins, which are cryptocurrencies designed to maintain a stable value, typically pegged to traditional currencies like the US dollar. Khosrowshahi highlighted stablecoins as a promising payment method for global companies. Interest in stablecoins is rising among businesses and banks, with 90% of institutional players surveyed considering their use. Countries are also pursuing stablecoin initiatives, including Russia and Abu Dhabi. The market cap for US dollar-denominated stablecoins exceeded $230 billion in April, a 54% increase from the previous year, with Tether and USDC holding 90% of the market. Stablecoin transaction volumes reached $27.6 trillion in 2024, surpassing Visa and Mastercard combined.
