Uber Archives

Uber is considering stablecoins as a possible way to cut costs tied to international payments, according to CEO Dara Khosrowshahi. Speaking at the Bloomberg Tech Summit on June 5 in San Francisco, he explained that the company is exploring how crypto-based solutions could improve efficiency in cross-border transactions. Although no decision has been made yet, Uber is in the research stage and keeping a close eye on how stablecoins could play a role in future operations. Good to know Uber is studying stablecoins for reducing international payment fees. CEO Dara Khosrowshahi sees stablecoins as more useful than crypto as a store of value. The company is not integrating any crypto payment tools yet, but the door remains open. During his appearance at the summit, Khosrowshahi made it clear that Uber has not yet committed to any specific crypto adoption plan. However, he noted that among various crypto applications, stablecoins stand out as having practical value for a company like Uber. “We’re still in the study phase, I’d say,” he said. “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 also shared his personal view on Bitcoin, acknowledging its established role in the financial ecosystem. “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 said. Still, Khosrowshahi focused more on the potential business use of stablecoins. “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.” Uber already operates in dozens of countries and deals with frequent money transfers between riders, drivers, and company accounts. Finding a cost-effective way to move funds remains a priority for the platform as it looks to grow its global footprint. Although this conversation is gaining attention now, it is not new. Three years ago, Khosrowshahi said Uber was already considering how crypto could be integrated as a payment option. During an interview with Bloomberg’s Emily Chang, he acknowledged ongoing internal discussions. “It definitely could. We’re having conversations all the time,” he said. Back then, he pointed to two key hurdles holding back adoption: high transaction costs and sustainability concerns. “I think right now what we see with Bitcoin and some of the other cryptos, they are quite valuable as a store-of-value the exchange mechanism is expensive. It’s not great for the environment.” He added that cheaper and more sustainable forms of crypto-based transactions would be needed before the company would consider implementation for transportation or food deliveries.

Uber

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