Transport Network Giant Uber is Preparing to Use Stablecoins for Payments! Here are the Details

Uber CEO Dara Khosrowshahi announced in a statement made in San Francisco that the company is exploring the potential use of stablecoin in payments.

Uber is Evaluating the Use of Stablecoin in Payments

Khosrowshahi stated that stablecoins have gone beyond being merely a store of value for cryptocurrencies, saying, "Stablecoins are one of the most interesting applications of crypto that offer practical benefits."

Khosrowshahi, emphasizing that Uber is interested in stablecoin technology to optimize its global payment systems, stated that these assets have the potential to reduce costs, especially in international money transfers.

The CEO also clearly stated that his interest in stablecoins is higher than in Bitcoin: "Stablecoins are proven instruments. There are different opinions regarding the future of Bitcoin."

Khosrowshahi stated that Uber has not yet made a decision regarding the transition to this technology, mentioning that the company is currently in the "research phase." Due to being one of the most used services worldwide, it is believed that such an integration could have a global impact.

Khosrowshahi's interest in cryptocurrencies is not new. In a statement made in 2021, he mentioned that Uber is open to accepting payments in Bitcoin and other cryptocurrencies if sufficient benefits are provided.

However, the company had clarified at that time that it had no plans to hold Bitcoin as a treasury asset. In 2022, it stated that Uber would "definitely" accept crypto, but expressed concerns regarding the high costs of exchanges and environmental impacts.

Uber's stablecoin move coincides with increasing regulatory efforts in the US. The legal regulatory work progressing with the open support of former President Donald Trump aims to create a clear framework for stablecoin issuers. The highlighted regulation is the bill known as the Genius Act.

In this process, stablecoin initiatives from the traditional finance world are also attracting attention. It is reported that major banks such as Bank of America, Citigroup, and Wells Fargo are discussing plans to develop a common stablecoin through their subsidiaries.

*It is not investment advice.

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