Uber is actively exploring the use of dollar-pegged stablecoins to streamline fund transfers across its vast global network, according to CEO Dara Khosrowshahi. Speaking at the Bloomberg Tech conference today, Khosrowshahi highlighted the potential for blockchain-based tokens to accelerate payment settlements and significantly reduce foreign exchange fees compared to traditional banking channels.
Khosrowshahi emphasized the “practical benefit” of stablecoins beyond speculative value, noting their ability to offer near-instant settlement in dollar-denominated tokens. This could particularly benefit regions where local banking infrastructure is either expensive or slow. The company, which boasted 171 million monthly active platform consumers as of December 31, 2024, believes this initiative could lead to substantial cost compression.
The Uber chief stressed that this exploratory phase does not involve holding cryptocurrency on the company’s balance sheet, and any future deployment would strictly adhere to existing consumer protection regulations.
This latest revelation builds upon Khosrowshahi’s remarks in August 2024, when he indicated that Uber would “definitely” integrate Bitcoin and other cryptocurrencies as payment options once regulatory clarity and technical integration challenges were resolved. At that time, he framed the move as a customer-choice initiative, aiming to extend the same payment flexibility offered by credit cards, PayPal, Venmo, and Apple Pay, without exposing the company to digital asset price volatility. He explicitly ruled out speculative treasury investments in crypto.
Sources familiar with the effort indicate that Uber’s product teams have since been exploring the development of a dedicated crypto wallet within the Uber app and consulting external specialists on compliance screening and transaction security.
For now, Uber remains in an exploratory phase. Khosrowshahi concluded his keynote by reiterating the company’s commitment to evaluating stablecoins and refining its broader crypto payment plans, contingent on clear guidelines from lawmakers and regulators.
