Uber Explores Stablecoins for Cross-Border Payments Amid Senate Bill Support
Uber is exploring the use of stablecoins for cross-border transactions to reduce costs. CEO Dara Khosrowshahi stated at the Bloomberg Tech Summit that the company is in the “study phase” and finds stablecoins more appealing than Bitcoin. He highlighted stablecoins as having practical benefits beyond being a store of value.
- Stablecoins are tied to stable assets like fiat currencies (USD, EUR).
- Khosrowshahi described them as “highly intriguing” for payment mechanisms.
Bipartisan Support for Senate Stablecoin Bill
Arizona Senator Ruben Gallego announced potential support from up to 16 Democrats for the stablecoin bill during its final vote next week. The bill is expected to receive strong bipartisan support, surpassing previous procedural votes. However, Gallego indicated its effectiveness would be limited without additional cryptocurrency market regulations.
Circle's Successful IPO on Wall Street
Circle, the issuer of USDC, had a successful debut on the NYSE with an opening price of $69. The stock surged over 100% for initial shareholders who bought at $31, reaching a high of $100 before closing at $83, marking a 168% increase on the first day. Trading activity was high, with 47.1 million shares exchanged, leading to a market capitalization of $16.7 billion by the close of trading.