Ride-sharing and delivery company Uber is looking at stablecoins, said its CEO Dara Khosrowshahi while speaking at the Bloomberg Tech Summit on Thursday, where he hinted that the ride-sharing platform could soon have its own flagship stablecoin.

Khosrowshahi described stablecoins as a beneficial product for international companies that want to reduce transactional costs associated with cross-border money transfers. According to him, a token like USDT or USDC has proven utility and practical benefits when used as a store of value.

"I think stablecoin is one of the more interesting instantiations of crypto that has a practical benefit other than crypto as a store of value."

Stated the CEO, claiming the stablecoins’ features were super interesting and Uber was going to explore their potential in improving its payments infrastructure.

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Khosrowshahi speaking at the Bloomberg Tech Summit on Thursday, Bloomberg

Uber is currently in the study phase of exploring the benefits of digital assets, said Khosrowshahi; however, it’s not the first time the CEO has expressed Uber’s interest in implementing crypto payments.

Uber Promised Crypto Payments in 2021

During a 2021 interview with CNBC, the Uber CEO said the ride-sharing company would accept payments in bitcoin or other cryptocurrencies if there is an added advantage or market need. However, he guaranteed that the company was not planning to include bitcoin investments as part of its treasury.

Fast forward to 2022, Khosrowshahi reassured that the company’s future payments infrastructure would consist of crypto payments.

This comes on the heels of the stablecoins issuance company Circle, which listed an oversubscribed initial public offering, with its flagship product, USDC, becoming the first primary stablecoin to hit the New York Stock Exchange.

The GENIUS ACT will Fuel Stablecoin Adoption

Moreover, U.S. President Donald Trump has also expressed strong support for the stablecoin industry, with his GENIUS Act leading a landmark bill that could set straight the legislation and regulatory framework for stablecoin issuance companies like Circle and Tether. The Senate voted in the GENIUS Act 66 -32, with Cynthia Lummis, the Senator for Wyoming, saying the act would usher the United States into the 21st century.

Other major global companies that have previously expressed interest in crypto payments include PayPal, Wells Fargo, the Bank of America, Citigroup, and Meta, among others. As per Andy Stone, Meta’s communication director, the social media giant is eyeing stablecoins to ease the cost of cross-border payments. Stripe and Fidelity, two major financial companies, are also in the process of developing their own stablecoin products.

Uber’s dive into the space will significantly improve its payment system, considering it’s widely used across the whole world. The move is also a big win for consumers who will now have to pay less fees and enjoy convenient crypto payments when using the ride-sharing platform. Meanwhile, it’s worth noting that Uber also became a member of the Libra Association in October 2019 and remained among the few that did not forfeit their membership.

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