Uber Eyes Stablecoins to Unlock Cheaper, Smarter Mobility Solutions

Uber Technologies Inc., the global ride-hailing and delivery giant, is taking bold steps toward integrating cryptocurrency into its payment ecosystem, with CEO Dara Khosrowshahi confirming the company’s interest in stablecoin technology.

Speaking at the Bloomberg Tech Summit in San Francisco on June 5, Khosrowshahi revealed that Uber is in the “study phase” of exploring stablecoins to streamline cross-border payments and reduce transaction costs.

Uber’s Stablecoin Ambitions

Khosrowshahi emphasized that stablecoins offer “tangible utility” for global companies like Uber. By leveraging blockchain-based stable currencies such as USDC or USDT, Uber aims to lower the high fees associated with international money transfers and enhance payment efficiency for its global network of drivers and customers.

While Uber has previously flirted with cryptocurrency — having considered Bitcoin payments in 2021 and 2022 — the company is now focusing on stablecoins due to their lower volatility compared to Bitcoin.

Khosrowshahi explicitly ruled out holding cryptocurrencies like Bitcoin on Uber’s balance sheet, framing the initiative as a customer-choice strategy rather than a speculative investment. “You can have your opinions on Bitcoin; it’s a proven commodity, but stablecoins seem quite promising, especially for global companies moving money around internationally,” he noted.

Uber’s Broader Blockchain Vision

This move aligns with Uber’s broader strategy to diversify payment options, which already include credit cards, PayPal, Venmo, and Apple Pay. The company’s exploration of stablecoins could enhance flexibility for riders and drivers, particularly in regions where traditional banking systems are slow or costly.

However, Khosrowshahi cautioned that no immediate rollout is planned, and any implementation would comply with existing consumer protection regulations.

Uber’s interest in blockchain extends beyond payments. The company has been linked to projects exploring the use of decentralized technologies for sharing ride data and mapping information.

For instance, blockchain-based platforms have been proposed to securely aggregate and monetize anonymized driver and traffic data, potentially improving navigation systems or urban planning.

Blockchain in Shared Mobility Data

Uber’s blockchain ambitions dovetail with emerging cryptocurrency projects in the mobility sector that leverage decentralized ledgers for sharing driver and mapping data.

For example, Jaguar Land Rover (JLR) partnered with the IOTA Foundation in 2019 to trial a “smart wallet” system, enabling drivers to earn IOTA cryptocurrency by sharing road condition data, such as traffic or potholes, with navigation providers and local authorities. This data-sharing model enhances real-time navigation and urban planning while rewarding drivers with digital currency usable for services like parking or electric vehicle charging.

Similarly, research into blockchain-IoT platforms for shared mobility highlights the potential for decentralized systems to manage driver and vehicle data transparently. A 2024 study proposed a high-level architecture combining blockchain and IoT for car-sharing and leasing, enabling secure data aggregation across stakeholders like manufacturers and service providers.

Such platforms could allow Uber to share anonymized trip data with city planners or navigation apps, enhancing traffic management while maintaining driver privacy through blockchain’s tamper-resistant ledger. These projects underscore the synergy between Uber’s data-rich ecosystem and blockchain’s capacity to facilitate secure, incentivized data-sharing.

Crypto in Ride-Sharing and Beyond

Uber’s potential adoption of stablecoins follows a broader trend of cryptocurrency integration in the mobility sector.

China-based Webus International, a provider of AI-driven chauffeur services, recently announced plans to raise $300 million to establish an XRP-based corporate treasury. According to a U.S. Securities and Exchange Commission filing, Webus aims to leverage Ripple’s XRP Ledger to streamline cross-border payments and enhance transparency in its global operations.

This initiative, supported by a partnership with asset manager Samara Alpha, underscores how both Webus and Uber, as transportation industry leaders, are exploring cryptocurrencies to make payments more convenient and transparent, converging on blockchain as a shared potential solution.