Uber Technologies Inc. is exploring the potential use of stablecoins for global money transfers, according to CEO Dara Khosrowshahi, speaking at the Bloomberg Tech conference in San Francisco on June 5
Khosrowshahi emphasized that stablecoins, which are digital tokens typically pegged to fiat currencies like the U.S. dollar and backed by reserves, offer practical advantages, especially for international companies seeking to reduce costs associated with cross-border transactions.
“That’s super interesting to us, and we’re definitely going to take a look,” Khosrowshahi said, indicating the growing appeal of stablecoins as a faster and more cost-effective alternative to traditional banking methods.
While Uber is not currently planning to add digital assets such as Bitcoin to its corporate balance sheet, Khosrowshahi confirmed Bitcoin’s status as a “proven store of value.”
He also revealed the company’s openness to accepting Bitcoin and other cryptocurrencies as payment options for rides and deliveries in the future, provided concerns over transaction fees and environmental impact are addressed.
“Just like we accept all kinds of local currency, we are going to look at cryptocurrency and or Bitcoin in terms of currency to transact. That’s good for business, that’s good for our riders and our eaters,” he explained in earlier interviews.
Stablecoins are gaining traction as a tool for cross-border payments due to their ability to provide faster, lower-cost transfers compared to conventional banking systems.
For global companies like Uber, the adoption of stablecoins could greatly improve international fund management. Uber stock was also up by 1.11% at the time of writing, according to Google Finance.
Stablecoin Regulation Bill Faces Key Decisions
Meanwhile, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act is scheduled for Senate debate and could pass as early as this week, with strong bipartisan support expected to move it to the House.
Leading crypto advocacy groups, including the Blockchain Association and Crypto Council for Innovation, are urging lawmakers to maintain focus on establishing clear, targeted oversight for stablecoins.
Support from Democrats has returned after earlier hesitation linked to President Trump’s crypto ties.
However, the bill’s progress could be delayed by unrelated amendments, particularly the “swipe fee” Credit Card Competition Act proposed by Senators Dick Durbin and Roger Marshall.
Other proposed amendments include disclosure requirements for government officials holding stablecoins, restrictions on foreign ownership of stablecoin issuers, and reforms to anti-money laundering regulations.
These amendments risk slowing the bill’s final passage, potentially pushing a vote into the week of June 9 if no agreement is reached.
The outcome of this legislation will be important for companies like Uber as they move forward in integrating stablecoins and cryptocurrency payments into their operations.
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