- Apple, Google, X, Airbnb, and several other large tech companies are examining the use of stablecoins for payment purposes.
- This exploration is partly driven by the potential to lower fees associated with VISA and Mastercard transactions.
- Uber and Meta have also publicly stated their interest in or research into stablecoin payment options.
- Google Cloud has acknowledged making limited stablecoin transactions and may expand their use in payments.
- The second largest stablecoin issuer, Circle, made its New York Stock Exchange debut and saw increased trading activity.
Several large technology companies, including Apple, Google, X, Airbnb, and Uber, are actively looking into how stablecoins could be used for payments. These companies are considering digital currencies to simplify transactions and reduce costs in their global operations.
Recent statements from business leaders highlight this interest. Uber CEO Dara Khosrowshani told Bloomberg that the company is still researching stablecoins, stating, “Stablecoins are quite promising, especially for global companies that are moving money around globally to make a mechanism for us to essentially reduce costs.” Google Cloud head of Web3 strategy Rich Widmann told Fortune that the use of stablecoins in payments could be one of the biggest changes since the founding of the SWIFT network, which has long been a way to transfer money between banks around the world.
Google Cloud confirmed not only an interest in stablecoins, but also that it has accepted a small number of payments using Paypal’s PYUSD stablecoin. Other companies like Airbnb, Apple, and X were more reserved or disputed reports that they are already in talks, even as sources say discussions have been ongoing since the start of the year.
Many of these companies aim to save on fees charged by major credit card networks like Visa and Mastercard. For companies with large sales volumes, using one or two stablecoins could help them reduce or negotiate these costs. By dealing directly with stablecoin issuers, they might even get a share of the interest earned on stablecoin reserves. This business model supports initiatives like the Global Dollar, managed by Paxos, and partnered with companies like Robinhood and WorldPay.
Interest in stablecoins has grown alongside developments in the crypto industry. The second largest stablecoin company, Circle, began trading on the New York Stock Exchange this week. Its initial public offering was set at $0.31 per share; shares rose to $1.12 after launch. This activity has added visibility and excitement to the stablecoin sector and may encourage more companies to consider digital currency payment solutions.
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