Uber Explores Stablecoins for Cross-Border Payment Efficiency

Uber CEO Dara Khosrowshahi revealed the company's exploration of stablecoins for global payments during a June 5 tech conference in San Francisco. The ridesharing giant views dollar-pegged digital currencies as a potential solution for reducing international transaction costs and improving settlement speeds.

Stablecoins offer distinct advantages over volatile cryptocurrencies like Bitcoin for enterprise use cases, Khosrowshahi noted. Their value stability, backed by cash reserves or low-risk assets, makes them particularly suitable for cross-border payroll and treasury operations. This strategic consideration aligns with broader institutional adoption trends—90% of surveyed financial players now engage with stablecoin technology.

The market demonstrates accelerating momentum, with dollar-denominated stablecoins reaching a $230 billion market capitalization in April. Abu Dhabi's recent launch of a dirham-pegged stablecoin and Russia's governmental proposal signal growing global recognition of the asset class's utility.