Uber CEO mulls utilizing stablecoins to chop price of transferring cash

Ridesharing large Uber is within the “examine part” of utilizing stablecoins to assist scale back the prices of transferring cash world wide, says its CEO Dara Khosrowshahi.

Khosrowshahi said on stage on the Bloomberg Tech Summit in San Francisco on June 5 that Uber is “positively going to have a look” at stablecoins.

“We’re nonetheless within the examine part, I’d say, however stablecoin is likely one of the, for me, extra attention-grabbing instantiations of crypto that has a sensible profit apart from crypto as a retailer of worth,” he stated.

“Clearly, you’ll be able to have your opinions on Bitcoin, nevertheless it’s a confirmed commodity, and you already know, folks have totally different opinions on the place it’s going,” he added.

Stablecoins are a sort of cryptocurrency aiming to reflect the worth of conventional currencies, mostly the US greenback. They’re usually backed by reserves of money and short-term authorities bonds.

Khosrowshahi stated that stablecoinsbare “tremendous attention-grabbing to us,” primarily as a fee car for transporting cash.

“I do suppose that stablecoin is kind of promising, particularly for world firms which might be transferring cash round globally to create a mechanism for us to primarily scale back prices when it comes to transferring cash internationally,” he stated.

Stablecoin curiosity on the rise

Different firms and even banks have been more and more all for utilizing stablecoins in some kind for enterprise.

In Could, co-founder and president of fee large Stripe John Collison said in an interview with Bloomberg that his firm had been in early discussions with banks about probably integrating stablecoins.