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.
Khosrowshahi said on 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.
Stablecoins are 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 Collison said in an interview with Bloomberg that 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 found that 90% of institutional players surveyed are 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 to develop its own stablecoin in April, while a trio of major Abu Dhabi institutions teamed up to create a new dirham-pegged stablecoin in 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, a report from investment banking giant Citigroup found, making an increase of 54% since last year, with Tether (USDT) and USDC (USDC) dominating 90% of the market.
Total stablecoin volumes hit $27.6 trillion in 2024, surpassing the combined volumes of Visa and Mastercard by 7.7%. At the same time, data from Artemis shows that $94.2 billion in stablecoin transactions were settled between January 2023 and February 2025.
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Cointelegraph by Stephen Katte