Uber Technologies is considering the use of stablecoins, digital currencies pegged to stable assets like the U.S. dollar, to make its international money transfers faster and cheaper, CEO Dara Khosrowshahi revealed at a recent tech conference.
Traditional cross-border payments often involve multiple banks and fees, taking several days to complete. Stablecoins could reduce these costs from around $30 per transfer to less than a dollar and enable near-instant transactions. This move would also improve access to dollars in regions with limited banking infrastructure or currency controls.
Uber’s interest reflects a growing trend among major companies and financial institutions, including Meta and JPMorgan Chase, to explore stablecoins as a way to streamline global payments and financial services. While Uber has not yet chosen specific stablecoins or platforms, it sees them as a practical tool rather than an investment.
Regulatory clarity remains a key factor, with lawmakers introducing bills to set standards for stablecoin use, including consumer protections and anti-money laundering measures.
