Uber’s Crypto Gamble: CEO Teases Digital Asset Payments on Horizon

Uber’s CEO just tossed gasoline on the crypto hype train—hinting at potential cryptocurrency payments 'soon.' Because nothing says 'innovation' like adding volatile internet money to a ride-hailing app that still can’t find your pickup location.

No specifics on which coins might make the cut (BTC? ETH? Or just another corporate stablecoin puppet?). But hey—when your stock’s flatlining, why not chase the crypto dopamine hit? TradFi bankers are already drafting their 'this changes everything' tweets.

One question remains: Will drivers get paid in crypto too… or is this just another top-down 'adoption' theater?

Could Uber Accept Stablecoins?

Uber, a popular ride-sharing app, has shown repeated interest in blockchain technology and the Web3 industry. The firm has attempted to roll out digital money several years ago, but none of its efforts have stuck.

However, today’s interview shows that Uber’s CEO is still interested in such a plan, praising the benefits of stablecoins.

“We’re still in the study phase, but I think stablecoins are one of the more interesting instantiations of crypto that has a practical benefit other than crypto as a store of value. Stablecoins are quite promising, especially for global companies that are moving money around globally, to create a mechanism for us to reduce costs,” Khosrowshahi claimed in an interview.

To be clear, Khosrowshahi stated that Uber’s interest lies almost entirely in stablecoins. He referenced the recent trend of corporate Bitcoin acquisitions but did not seem to approve of this strategy.

After all, the company has been doing well this year, and pivoting to bitcoin can transform a firm’s entire business model. By contrast, stablecoins offer a concrete use scenario for Uber, as the company has a global client base.

Still, this isn’t the first time that Khosrowshahi planned to accept crypto payments. In 2022, he claimed that Uber WOULD offer this service in the near future, but it never materialized.

Nonetheless, Uber’s stock valuation spiked briefly after the stablecoin interview. These gains largely receded in after-hours trading.

All that is to say, Uber hasn’t made any firm commitments whatsoever regarding this stablecoin plan. Hopefully, this tech giant will join the Web3 trend, giving the booming stablecoin market more everyday utility.

However, without firmer commitments, there’s no clear reason to believe that Uber will implement such plans.