Uber Explores Stablecoins to Cut International Payment Costs

Khosrowshahi also believes that stablecoins could greatly reduce international transaction costs. This trend isn’t isolated. In fact, firms like Stripe are also exploring integrations, while governments in Russia and Abu Dhabi are testing national stablecoin models. Meanwhile, Circle, the issuer of USDC, recently made headlines by going public on the NYSE under the ticker CRCL. 

It was able to raise $1.05 billion, which could mean that there is growing  institutional confidence in stablecoin infrastructure. USDC’s market cap surged 40% year-to-date, solidifying its role as the second-largest stablecoin after Tether. Maple Finance also joined the stablecoin race by launching syrupUSD on Solana to tap into the network’s very impressive DeFi growth. The move is supported by Chainlink’s CCIP, and is the start of a strategic expansion into high-speed, low-cost ecosystems. 

Uber Takes Interest in Stablecoins

Uber is exploring the use of stablecoins to cut costs associated with moving money internationally, according to CEO Dara Khosrowshahi. At the Bloomberg Tech Summit in San Francisco on June 5, Khosrowshahi described stablecoins as one of the more practical applications of cryptocurrency, and said that the company is currently in the “study phase” of examining their potential. While acknowledging the varying opinions around Bitcoin, he placed a lot of emphasis on the tangible benefits of stablecoins, particularly for global businesses managing cross-border payments.

Stablecoins are a class of cryptocurrencies that are designed to mirror the value of traditional fiat currencies, most commonly the US dollar, and are typically backed by reserves like cash or short-term government bonds. Khosrowshahi said they are “super interesting” to Uber, especially as a cost-efficient payment mechanism.

Interest in stablecoins is growing across the corporate and financial landscape. In May, Stripe co-founder John Collison revealed that his company entered early discussions with banks about potential stablecoin integrations. A report from Fireblocks also found that 90% of institutional players that were surveyed are exploring stablecoins in some form.

Governments are also testing the waters. Russia’s finance ministry floated plans for a national stablecoin, and in Abu Dhabi, three major institutions are developing a new dirham-pegged version. Meanwhile, the market cap of US dollar-backed stablecoins exceeded $230 billion in April, which was a 54% rise year-over-year, according to Citigroup. Tether (USDT) and USDC are still the dominant focus in the industry as they commany about 90% of the market.

Stablecoin transaction volumes surged as well. In 2024, they reached $27.6 trillion. This means that stablecoin volumes outpaced the combined volumes of Visa and Mastercard by 7.7%. Data from Artemis shows that $94.2 billion worth of stablecoin transactions were settled between January of 2023 and February of 2025.

Circle Makes Public Debut on NYSE

One stablecoin issuer is certainly turning quite a few heads at the moment. Circle, the issuer behind the USDC stablecoin, officially started trading on the New York Stock Exchange under the ticker CRCL. 

The company’s debut is a huge milestone not only for Circle itself but also for the broader crypto industry. CEO Jeremy Allaire shared the news on X on June 5, and mentioned the significance of Circle’s transition into a public company. Allaire co-founded Circle with Sean Neville 12 years ago, with a vision to rebuild the global financial system using internet-native tools and infrastructure. He described the listing as a powerful step forward and a clear indication that the world is ready to begin transitioning toward an internet-based financial system.

The public listing follows Circle’s upsized initial public offering, which raised $1.05 billion through the sale of 34 million shares at $31 each. This was well above its initial plan to sell 24 million shares priced between $24 and $26. 

The IPO drew a lot of attention in the crypto sector. People like Strategy’s Michael Saylor and Coinbase’s chief legal officer Paul Grewal were among those who publicly congratulated the firm. Allaire also acknowledged the many people and institutions that played a role in Circle’s journey, and called the event a meaningful step in the merging of global finance with digital innovation.

Circle’s public launch coincides with a period of impressive growth for USDC, which is the company’s flagship dollar-pegged stablecoin. According to CoinGecko data, USDC’s market cap increased by over 40% since the beginning of the year, rising from $43.7 billion on Jan. 1 to $61.5 billion in June. USDC currently ranks as the seventh-largest cryptocurrency overall and is the second-largest stablecoin behind Tether’s USDT, which boasts a market cap of close to $154 billion. 

USDC’s market cap over the past year (Source: CoinGecko)

While Tether has no immediate plans to go public, other firms like PayPal joined the stablecoin race by launching their own offerings like PYUSD, which holds a market cap under $1 billion. 

Maple Launches syrupUSD on Solana

Another stablecoin is also making moves to gain an edge. Maple Finance, a decentralized lending platform, is expanding its footprint by launching on the Solana network. The main goal of the move is to broaden its user base and tap into the growing decentralized finance (DeFi) ecosystem on Solana. Previously available only on Ethereum, Maple’s syrupUSD yield-bearing stablecoin will now be integrated into Solana-based platforms Kamino and Orca. The expansion begins with $30 million in liquidity to support lending, trading, and collateral provisioning, providing a solid foundation for Maple’s entry into the new ecosystem.

The integration is powered by Chainlink’s Cross-Chain Interoperability Protocol (CCIP), which recently went live on Solana’s mainnet on May 19. CCIP enables seamless data and asset transfers between Ethereum Virtual Machine (EVM) and Solana Virtual Machine (SVM) chains. This functionality is expected to enhance cost-effective scaling and streamline operations for multi-chain DeFi applications. 

According to Maple co-founder and CEO Sid Powell, Solana’s high-speed and high-capacity infrastructure makes it an ideal environment for expanding Maple’s services to a more diverse range of users, including institutions and advanced DeFi participants.

Solana TVL (Source: DeFiLlama)

Solana’s DeFi sector experienced some impressive growth, with the total value locked (TVL) rising by 500% over the past 18 months—from $1.4 billion in December 2023 to $8.2 billion currently. This growth created a competitive environment where Maple will now operate alongside existing Solana lending protocols like Save, margin.fi, Rain.fi, and Port Finance. Despite Ethereum remaining the dominant blockchain in terms of DeFi value, with a TVL of $61.4 billion, it saw a painful 43% drop since its 2021 peak and now faces increasing competition from faster, more scalable alternatives like Solana.

Overall, Maple Finance’s strategic move to Solana shows that it is ready to capitalize on its momentum.