Uber Considers Stablecoins to Reduce Costs and Simplify Global Transfers, Says CEO

Highlights:

• Uber is exploring stablecoins to make global payments faster and cheaper.
• CEO says Uber is studying crypto but won’t use it without clear rules.
• Stablecoin use is growing fast, beating Visa and Mastercard transactions.

Ridesharing giant Uber is exploring the use of stablecoins to streamline global payments and reduce costs linked to cross-border transactions. Speaking at the Bloomberg Tech Summit in San Francisco on June 5, Uber CEO Dara Khosrowshahi revealed that the company is currently in the “study phase” of assessing the potential use of stablecoins.

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Khosrowshahi said that using blockchain-based digital tokens could make payments happen faster than regular bank methods and could also remove extra costs from currency exchange fees. As of December 31, 2024, Uber had 171 million people using its platform each month. Khosrowshahi made it clear that Uber is just studying the idea for now they’re not buying or holding any crypto. If they decide to use it, they’ll make sure to follow all consumer protection rules.

He stated:

“We’re still in the study phase, I’d 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.”

Stablecoins are cryptocurrencies made to keep the same value as regular money, usually the US dollar. They are usually supported by cash and short-term government bonds. Khosrowshahi said that stablecoins look like a good option, especially for global companies.

Uber CEO Confirms Crypto Payment Plans Awaiting Regulatory Clarity

Uber’s CEO recently commented following his August 2024 statement that Uber plans to add Bitcoin and other cryptocurrencies as payment methods once regulations are clear and technology is prepared. Back then, Khosrowshahi said Uber already accepts credit cards, PayPal, Venmo, and Apple Pay, and adding crypto would give riders and drivers more ways to pay without Uber risking losses from price changes in digital currencies. He also said Uber won’t invest in cryptocurrencies as a way to make money, but only to give customers more payment choices.

Uber has explored adding a crypto wallet in its app and consulted experts on security and compliance. For now, the company is still exploring stablecoins and crypto payments, waiting for clearer regulations, CEO Khosrowshahi said.

The value of US dollar-based stablecoins kept growing and passed $230 billion in April, according to a Citigroup report. This is 54% higher than last year. USDC and Tether (USDT) hold 90% of the stablecoin market. Last year, stablecoin transactions totaled $27.6 trillion, exceeding Visa and Mastercard combined by 7.7%. Artemis data shows $94.2 billion in stablecoin payments occurred from January 2023 to February 2025.

Growing Interest in Stablecoins

More companies and even banks are starting to show interest in using stablecoins for business. In May, John Collison, Stripe’s co-founder said the company started talks with banks about using stablecoins. A report from Fireblocks on May 14 showed that 90% of big financial companies are looking into using stablecoins in their work.

Governments are also getting interested. In April, a Russian finance official suggested creating a government-backed stablecoin, and three major institutions in Abu Dhabi announced plans to make a stablecoin tied to the dirham (their local currency).

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