Uber Technologies is actively considering the integration of stablecoins into its financial operations to streamline cross-border money transfers and reduce costs.
This potential move aligns with a broader industry trend, where major global corporations are exploring digital assets as an alternative to traditional banking systems.
During an interview at the Bloomberg Tech Conference in San Francisco, Uber CEO Dara Khosrowshahi discussed the company’s interest in stablecoin-based transactions, citing their cost-effectiveness and efficiency for international payments.
“That’s super interesting to us, and we’re definitely going to take a look,” Khosrowshahi told Bloomberg on Thursday.
Stablecoins, digital assets pegged to a fixed value, such as the U.S. dollar, have gained traction among businesses seeking faster, cheaper, and more accessible international payment solutions.
Traditional cross-border transfers often involve multiple intermediary banks, each charging transaction fees, and can take up to five business days to process. In contrast, stablecoins enable instant global transactions, reducing settlement costs from typical $30 wire transfer fees to sub-dollar fees.
Beyond cost savings, stablecoins also enhance dollar accessibility in regions where banking infrastructure is underdeveloped or where foreign exchange restrictions apply.
Uber’s exploration of stablecoin-based payments mirrors Meta’s reported interest in digital assets, which surfaced in May.
Meta, the parent company of Facebook, was in discussions with cryptocurrency firms about integrating stablecoins for cross-border payments.
Meta’s potential use cases for stablecoins include low-cost payouts to content creators in different regions, bypassing the expensive wire transfer and processing fees typically associated with international transactions.
The rising interest in stablecoins isn’t limited to tech companies; major banks and fintech firms are actively exploring stablecoin adoption as a way to revolutionize cross-border transactions.
Many of the world’s largest financial institutions are racing to develop their own stablecoins, anticipating that cryptocurrency-driven payments will fundamentally reshape global financial markets in the coming years.
With major corporations, fintech innovators, and banking giants embracing stablecoin technology, Uber’s potential adoption marks yet another pivotal step toward the mainstream acceptance of digital assets in international finance.
JPMorgan Chase & Co., the largest U.S. bank, has announced plans to allow trading and wealth-management clients to use certain cryptocurrency-backed assets as collateral for loans, reflecting a growing institutional acceptance of digital currencies.
These funds now collectively manage $128 billion in assets, making them one of the most successful ETF launches in financial history.