Quick overview

---

Uber’s CEO, Dara Khosrowshahi, claims that the ridesharing behemoth is currently in the “study phase” of utilizing stablecoins to lower the costs associated with international money transfers.

“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 announced at the Bloomberg Tech Summit in San Francisco on June 5.

He said, “You can have your opinions about Bitcoin, but it’s a proven commodity, and you know, people have different opinions about where it’s going.” Cryptocurrency stablecoins are designed to mimic the value of conventional currencies, most frequently the US dollar.

Stablecoin, he said, “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.”

Banks and other businesses have shown a growing interest in using stablecoins for commercial purposes. John Collison, Stripe’s co-founder, stated that his company had been in preliminary talks with banks regarding the possibility of integrating stablecoins.