Uber Considers Implementing Stablecoins for Payment Transactions
Stablecoins: Uber Revisits Crypto Payments
The CEO of Uber, Dara Khosrowshahi, has once again mentioned the integration of cryptocurrencies as a payment method within the platform. This time, the focus seems to be on the use of stablecoins. An announcement that comes almost three years after similar statements that went unimplemented.
A Pragmatic Interest in Stablecoins
Stablecoins are among the most interesting applications of crypto, as they offer practical advantages beyond simple value storage.
Speaking at the Bloomberg Tech conference in San Francisco on Thursday, Khosrowshahi mentioned that Uber is currently studying the operational use of stablecoins. He praised their tangible potential, especially for large companies operating internationally and facing issues with cross-border fund transfers.
For him, their stability and low cost make them a promising tool, much more suitable for commercial use than volatile cryptos like Bitcoin.
A Return to 2019 Ambitions for Uber
Uber is no stranger to this realm. In 2019, the company joined the Diem association, Meta’s (formerly Facebook) stablecoin initiative, now abandoned. Since then, the firm has mentioned several times the idea of accepting crypto payments, yet without taking action.
In September 2021, Khosrowshahi told CNBC that Uber would ‘consider’ accepting Bitcoin or other cryptocurrencies. However, he was firm on one point: no intention to hold cryptos on the balance sheet. ‘We will keep our treasury safe,’ he assured.
In February 2022, the openness seemed more evident: during an interview with Bloomberg, the CEO stated that Uber would absolutely accept cryptos in the future, emphasizing that the timing was not right yet. He conditioned this adoption on reduced transaction fees and a more moderate ecological footprint.
Caution or Waiting Strategy?
So far, each public statement from Khosrowshahi on the subject has not led to concrete action. The timing of his previous remarks even coincided with periods of stagnation, or even decline, in the crypto market: his comments in February 2022 preceded the major crash in the spring.
It remains to be seen if this new statement is finally paving the way for a concrete shift, or if Uber continues to bide its time, waiting for a more mature environment. The message is clear: Bitcoin divides, but stablecoins intrigue, especially when it comes to streamlining global payments.
