The Chief Executive Officer of Uber, Dara Khosrowshahi, has revealed that the company is exploring the use of stablecoins to facilitate global money transfers.
The company is reportedly in the “study phase,” and is evaluating stablecoins as a cost-effective alternative to traditional payment systems for moving money across borders.
Uber is aware of the potential of stablecoins
The world has been gradually warming up to the use of stablecoins, and Uber is paying attention.
During a Bloomberg Tech conference in San Francisco on Thursday, Khosrowshahi pointed out that stablecoins offer practical benefits for global companies. He believes they reduce the costs associated with international transactions, which often involve high fees and delays due to intermediaries and currency conversions.
For example, they have the ability to settle transactions in seconds with fees reduced by about 80%.
Stablecoins appear to have “a practical benefit other than crypto’s historic value,” Khosrowshahi said. “That’s super interesting to us, and we’re definitely going to take a look.”
Uber adopting stablecoins could streamline payments for its global operations, such as driver payouts or supplier settlements, especially in areas with high remittance costs or unstable currencies.
However, while Uber has expressed interest, it has not specified which stablecoins or blockchains it might adopt, nor provided a timeline for implementation.
There is also the matter of regulatory compliance. US lawmakers have proposed legislation in Congress to regulate stablecoins, but have yet to finalize things, much to the frustration of the general crypto public.
Aside from Uber, other famous companies exploring the use of stablecoins include PayPal, Visa, Mastercard, and Stripe.
PayPal has launched PayPal USD (PYUSD), a stablecoin pegged to the US dollar, and built on Ethereum, while Visa is actively exploring stablecoins for settlement and cross-border payments, with pilots involving USDC on Ethereum and Solana.
Uber’s exploration of stablecoins comes amid a legislative push for regulation
Uber is exploring stablecoins for global money transfers at a time when there is a clear legislative push for a clear regulatory framework that could facilitate adoption by reducing legal uncertainties.
The GENIUS and STABLE Acts are focused on AML/KYC and reserve standards and could ensure Uber’s transactions comply with federal oversight, though concerns persist about the bill’s failure to regulate offshore issuers like Tether, creating a “Tether loophole.”
Senator Elizabeth Warren has also criticized the GENIUS bill for weak consumer protections, inadequate national security measures, and risks of financial instability, citing past stablecoin failures like TerraUSD.
Meanwhile, Democrats, like Maxine Waters, have criticized the STABLE bill for insufficient consumer protections and federal preemption of state frameworks.
Despite dissenting voices on both sides, the two bills enjoy bipartisan support, driven by a Trump administration executive order on January 23, 2025, prioritizing stablecoin regulation to enhance US financial leadership.
Trump and congressional leaders are looking to pass the legislation by August 2025. However, for that to happen, differences between the GENIUS and STABLE Acts have to be resolved.
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