Uber Technologies Inc (NYSE:UBER, ETR:UT8) is evaluating the potential use of stablecoins as part of a broader effort to streamline cross-border transactions and reduce the costs of moving money internationally, according to CEO Dara Khosrowshahi.
Speaking at the Bloomberg Tech conference in San Francisco on Thursday, Khosrowshahi said the ride-hailing giant is currently in the “study phase” of exploring the digital asset class.
While the company has not made any formal decisions or product announcements, the CEO said that stablecoins could offer tangible benefits for a business operating at Uber’s global scale.
“Stablecoin is one of the more intriguing applications of cryptocurrency that offers a useful advantage beyond its use as a store of value, but we’re still in the research stage,” Khosrowshahi said.
Stablecoins are digital tokens typically pegged to fiat currencies like the US dollar or euro, designed to offer the transparency and speed of cryptocurrencies while maintaining a stable price.
Khosrowshahi noted that this combination makes stablecoins particularly attractive for practical applications rather than speculative use.
Uber handles payments across hundreds of markets. Relying less on traditional banking could result in faster settlement times and lower fees when paying drivers, suppliers and partners abroad.
“Stablecoin is quite promising, especially for global companies that are moving money around globally to create a mechanism for us to essentially reduce costs in terms of moving money internationally,” the CEO said.
Shares of Uber traded up 0.9% at about $85 late morning on Friday.