Big Tech sets its sights on stablecoins for faster and cheaper payments.
Big Tech sets its sights on stablecoins for faster and cheaper payments.
Large tech companies, including Apple, Google, Airbnb, and others, are reportedly in initial talks with cryptocurrency firms about integrating stablecoins into their platforms. What’s the main goal? To reduce transaction costs and make cross-border payments faster and more efficient.
By using stablecoins, companies can avoid the high fees charged by traditional payment processors and banks, especially in international transactions. These digital assets can also settle transactions in seconds, instead of days.
Could Big Tech launch its own stablecoins?
While integrating existing stablecoins is one path, some tech companies are exploring the idea of launching their own. This would give them more control over transaction flows and data, but it also brings legal and regulatory complications.
Meta attempted this with its Libra/Diem project, which ultimately failed due to regulatory pushback. That experience has made other companies more cautious, even as they recognize the value of digital currencies.
Instead, most companies seem to focus on partnerships with established cryptocurrency firms and stablecoin issuers, which could allow them to navigate some regulatory bureaucracy while still reaping the benefits of blockchain-based finance.
Large tech companies, including Apple, X, Airbnb, and Google, are in initial discussions with cryptocurrency firms about integrating stablecoins, aiming to reduce transaction costs and enhance the efficiency of cross-border payments.