Uber, an American multinational transportation company, is now spreading its wings towards stablecoins to ease global payments and cut transaction costs linked with cross-border transactions.  The chief executive officer of Uber, Dara Khosrowshahi, attended the Bloomberg Tech Summit in San Francisco on June 5, in which he revealed that the

• The CEO of Uber believes that stablecoins catch the eye for their utility in payments. 
• As per the State of Stablecoins survey conducted by Fireblocks, around 90% of the surveyed financial institutions were blending stablecoins into their systems.

Uber, an American multinational transportation company, is now spreading its wings towards stablecoins to ease global payments and cut transaction costs linked with cross-border transactions. 

The chief executive officer of Uber, Dara Khosrowshahi, attended the Bloomberg Tech Summit in San Francisco on June 5, in which he revealed that the company is in the study phase of assessing stablecoins as a potential tool for international money movement. 

Stablecoins provide a practical profit aside from crypto as a store of value, referring to the technology as super interesting for global businesses.  As per the CEO, as opinions on Bitcoin change person to person, stablecoins catch the eye for their utility in payments. 

He further went on to add that, mainly for global firms that are circulating money globally, stablecoin is quite optimistic. 

The Increasing Use of Stablecoins 

Stablecoins are basically virtual tokens made to reflect the value of traditional currencies, mostly the US dollar. Secured by reserves like cash or short-term government bonds, they amalgamate the quick settlement and borderless nature of crypto, having the trust and stability of fiat. 

With the expansion of digital commerce on a global level, stablecoins are a crucial infrastructure, having a rising number of enterprises treating them as tools for financial operations. 

As per the State of Stablecoins survey conducted by Fireblocks, around 90% of the surveyed financial institutions were blending stablecoins into their systems, including major banks, payment processors, and fintech platforms. 

Out of these, many process millions of stablecoin transactions every month. The major advantage that it offers is speed. Along with this, cost savings and liquidity also topped the list of strategic benefits driving adoption. 

Other prominent market players are also showing interest in stablecoin integration. The co-founder of Stripe, John Collison, mentioned last month that the company is having discussions with banks to integrate stablecoins. 

The prominent reason for the increased interest in stablecoins is policy frameworks. 

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