Uber eyes stablecoins for faster settlements, lower FX costs for global operations

Uber is exploring dollar-pegged stablecoins as a tool for transferring funds across its global network, CEO Dara Khosrowshahi said on June 5 at the Bloomberg Tech conference in San Francisco. 

Khosrowshahi explained that blockchain-based tokens could settle payments faster than traditional correspondent bank channels and eliminate layers of foreign exchange fees. 

He said that stablecoins “have a practical benefit other than crypto’s historic value,” adding that the company is measuring operational, regulatory, and technical variables before deciding whether to proceed.

Data shows that Uber had 171 million monthly active platform consumers as of December 31, 2024.  

The firm believes near-instant settlement in a dollar-denominated token could compress costs in regions where local banking rails remain expensive or slow. 

Khosrowshahi emphasized that the study phase does not involve holding crypto on the balance sheet and that any deployment would respect existing consumer protection rules.

Bitcoin payments on the roadmap

Uber CEO’s recent comments follow his remarks in August 2024, when he told CNBC that Uber would “definitely” add Bitcoin and other cryptocurrencies as payment options once there is regulatory clarity and technical integration hurdles can be overcome. 

At the time, Khosrowshahi noted that Uber already supports credit cards, PayPal, Venmo, and Apple Pay and said adding crypto would extend the same flexibility to riders and couriers without exposing the company to digital-asset price swings. 

He ruled out speculative treasury investments, framing the plan strictly as a customer-choice initiative.

Reports surfaced that product teams have since explored the development of a dedicated crypto wallet within the Uber app and consulted external specialists on compliance screening and transaction security, according to people familiar with the effort. 

For now, Uber remains in an exploratory posture. Khosrowshahi closed his Bloomberg Tech keynote by saying the company “will take a look” at stablecoins and continue refining its crypto payment plans, pending clear rules from lawmakers and regulators.

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