Uber CEO Dara Khosrowshahi has once again signaled the ride-hailing giant's interest in cryptocurrency, stating that the company is actively exploring the use of crypto as a payment method. This marks the third instance since 2021 that Uber has publicly discussed such considerations. Speaking at the Bloomberg Tech conference in San Francisco on Thursday, June 5th, Khosrowshahi revealed that Uber is currently in a "study phase," with a particular focus on evaluating stablecoins for operational use.

Khosrowshahi elaborated on the company's interest, highlighting the practical advantages of stablecoins. "I think stablecoins are one of the more interesting instantiations of crypto that have a practical benefit beyond being a store of value," he remarked. He emphasized their potential for global companies like Uber, stating, "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. That’s super interesting to us, and we’re definitely going to take a look."

Uber's current exploration is not its first foray into the digital currency space. The company was an early member of the Diem Association (formerly Libra), joining in 2019 to support Meta’s now-defunct stablecoin initiative. Khosrowshahi's recent comments also echo previous statements. In September 2021, he told CNBC that Uber would "look into" accepting Bitcoin and other cryptocurrencies, though he dismissed plans to add crypto to Uber's balance sheet, emphasizing the need to "keep our cash safe." Later, in February 2022, he informed Bloomberg that Uber would "absolutely" accept cryptocurrencies "at some point," but indicated the timing wasn't right, citing the need for less expensive and more environmentally friendly exchange mechanisms.

The broader financial landscape is also witnessing a growing interest in stablecoins. Other major companies, like payment giant Stripe, have reportedly been in early discussions with banks about integrating stablecoins. A May 14 report from Fireblocks indicated that 90% of institutional players surveyed are exploring the use of stablecoins in their operations. Furthermore, countries are showing interest, with a Russian finance ministry official suggesting a government-developed stablecoin and major Abu Dhabi institutions collaborating on a dirham-pegged stablecoin in April.

This rising interest is mirrored in the significant growth of the stablecoin market. The market capitalization of US dollar-denominated stablecoins surpassed $230 billion in April, a 54% increase year-on-year, according to a Citigroup report, with Tether (USDT) and USDC dominating 90% of this market. Impressively, total stablecoin transaction volumes reached $27.6 trillion in 2024, exceeding the combined volumes of Visa and Mastercard by 7.7%. Data from Artemis also showed $94.2 billion in stablecoin transactions were settled between January 2023 and February 2025, underscoring their increasing utility.

While Khosrowshahi differentiated stablecoins from Bitcoin, which he described as a "proven commodity" with varied future outlooks, Uber's continued investigation into stablecoins highlights a cautious yet persistent approach to leveraging emerging financial technologies. The company's past comments on crypto adoption have had varied market impacts, with his February 2022 remarks preceding a significant market correction, a point of historical observation as Uber once again delves into the potential of digital currencies.