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Stablecoin Market Updates: Uber Prefers Stablecoins, Senate Bill to Get Bipartisan Support, Circl...
Global ride-sharing giant Uber is now exploring the use of stablecoin to reduce costs in moving money cross-border. CEO Dara Khosrowshahi said that the company is still in the âstudy phase,â while speaking at the Bloomberg Tech Summit in San Francisco on June 5.
Khosrowshahi added that the company is definitely looking at stablecoins, and prefers them over Bitcoin BTC $103 676 24h volatility: 1.1% Market cap: $2.06 T Vol. 24h: $44.58 B . The Uber CEO said:
âWeâre still in the study phase, Iâd say, 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. Obviously, you can have your opinions on Bitcoin, but itâs a proven commodity, and you know, people have different opinions on where itâs going.â
Unlike Bitcoin or other volatile altcoins, stablecoins are digital assets tied to relatively stable assets like fiat, such as USD, EUR, etc. Khosrowshahi described stablecoins as âhighly intriguing,â emphasizing their potential as a payment mechanism for facilitating money transfers. Interestingly, his comments come at a time when the stablecoin bill aka GENIUS Act is preparing for Senate approval.
Senate Stablecoin Bill to Get Bipartisan Support
Arizona Senator Ruben Gallego stated on June 5 that up to 16 Democrats might support the Senateâs stablecoin bill during its final vote. He added that the bill, set for a final vote next week, is likely to secure strong bipartisan backing, potentially surpassing the support seen in earlier procedural votes.
âWeâve worked in a very honest, earnest manner with our Republican colleagues, [and] we think that theyâve been doing the same,â said Gallego in an interview. âThey adopted a lot of the amendments, most of the amendments that weâve been adding.â
Gallego noted that while the bill is likely to pass, its impact will be limited without the accompanying legislation needed to regulate the broader cryptocurrency market framework.
USDC Issuer Circle Makes Stellar Debut on Wall Street
After a solid buzz around the Circle IPO, the stablecoin firm made a solid debut on Wall Street, with a listing price of $69 on the NYSE. The listing gains were more than 100% for the CRCL stockholders who received the shares at an IPO price of $31. Although the stock price rallied to $100 during yesterdayâs trading session, it settled at $83 by the dayâs end, clocking 168% on the first day.
Circleâs debut as a public company witnessed a surge in trading activity, with 47.1 million shares exchanged on its first day. This intense price action propelled the stablecoin giantâs market capitalization to $16.7 billion by the market close.
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The post Stablecoin Market Updates: Uber Prefers Stablecoins, Senate Bill to Get Bipartisan Support, Circle Debuts on NYSE appeared first on Coinspeaker.
Khosrowshahi added that the company is definitely looking at stablecoins, and prefers them over Bitcoin BTC $103 676 24h volatility: 1.1% Market cap: $2.06 T Vol. 24h: $44.58 B . The Uber CEO said:
âWeâre still in the study phase, Iâd say, 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. Obviously, you can have your opinions on Bitcoin, but itâs a proven commodity, and you know, people have different opinions on where itâs going.â
Unlike Bitcoin or other volatile altcoins, stablecoins are digital assets tied to relatively stable assets like fiat, such as USD, EUR, etc. Khosrowshahi described stablecoins as âhighly intriguing,â emphasizing their potential as a payment mechanism for facilitating money transfers. Interestingly, his comments come at a time when the stablecoin bill aka GENIUS Act is preparing for Senate approval.
Senate Stablecoin Bill to Get Bipartisan Support
Arizona Senator Ruben Gallego stated on June 5 that up to 16 Democrats might support the Senateâs stablecoin bill during its final vote. He added that the bill, set for a final vote next week, is likely to secure strong bipartisan backing, potentially surpassing the support seen in earlier procedural votes.
âWeâve worked in a very honest, earnest manner with our Republican colleagues, [and] we think that theyâve been doing the same,â said Gallego in an interview. âThey adopted a lot of the amendments, most of the amendments that weâve been adding.â
Gallego noted that while the bill is likely to pass, its impact will be limited without the accompanying legislation needed to regulate the broader cryptocurrency market framework.
USDC Issuer Circle Makes Stellar Debut on Wall Street
After a solid buzz around the Circle IPO, the stablecoin firm made a solid debut on Wall Street, with a listing price of $69 on the NYSE. The listing gains were more than 100% for the CRCL stockholders who received the shares at an IPO price of $31. Although the stock price rallied to $100 during yesterdayâs trading session, it settled at $83 by the dayâs end, clocking 168% on the first day.
Circleâs debut as a public company witnessed a surge in trading activity, with 47.1 million shares exchanged on its first day. This intense price action propelled the stablecoin giantâs market capitalization to $16.7 billion by the market close.
next
The post Stablecoin Market Updates: Uber Prefers Stablecoins, Senate Bill to Get Bipartisan Support, Circle Debuts on NYSE appeared first on Coinspeaker.
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