Uber CEO Dara Khosrowshahi recently announced at the Bloomberg Tech conference in San Francisco that the company is considering the use of dollar-pegged stablecoins for transferring funds across its global network. This move comes as a way to settle payments faster and eliminate layers of foreign exchange fees that come with traditional correspondent bank channels.
With 171 million monthly active platform consumers as of December 31, 2024, Uber is looking into the benefits of using stablecoins for near-instant settlement in regions where local banking rails are expensive or slow. Khosrowshahi emphasized that the company is currently in the study phase and is evaluating operational, regulatory, and technical variables before making a decision on whether to proceed with stablecoin integration.
In addition to stablecoins, Uber is also exploring the possibility of accepting Bitcoin and other cryptocurrencies as payment options. Khosrowshahi mentioned in August 2024 that once there is regulatory clarity and technical integration hurdles are overcome, Uber would definitely consider adding crypto payments. This move would provide riders and couriers with more flexibility in payment options without exposing the company to digital-asset price volatility.
Reports have indicated that Uber’s product teams have been looking into developing a dedicated crypto wallet within the Uber app and seeking advice from external specialists on compliance screening and transaction security. However, Uber is still in the early stages of exploration and is awaiting clear rules from lawmakers and regulators before finalizing any crypto payment plans.
Overall, Uber’s interest in stablecoins and cryptocurrencies demonstrates the company’s commitment to innovation and providing customers with more payment options. As the digital economy continues to evolve, it will be interesting to see how Uber integrates blockchain technology and crypto payments into its platform in the future.