Giants like Amazon, Apple, Meta, PayPal, and Uber are exploring this emerging field.

Written by: Ben Weiss, Leo Schwartz

Translated by: Luffy, Foresight News

Dara Khosrowshahi, CEO of Uber

In June of this year, Uber CEO Dara Khosrowshahi announced that the ride-sharing giant is considering using stablecoins as a method for global fund transfers. A year ago, such statements from tech giant executives would have seemed absurd. But now, from Apple to Amazon, not to mention major banks and brokerages, there is a rush to embrace stablecoins—a type of cryptocurrency pegged to assets like the US dollar. What has changed?

The most obvious change is the significant shift in the regulatory environment in Washington, D.C. The Senate has passed a bill that is currently under review by the House, which will clear obstacles for the integration of stablecoins into the financial system.

Cryptocurrency supporters also argue that the commercial prospects for stablecoins are expanding. Unlike more volatile cryptocurrencies like Bitcoin and Ethereum, stablecoins are expected to become a more efficient payment method, capable of sending digital dollars at near-instant speeds and lower costs. This could fundamentally change how businesses handle global fund management and pay salaries to employees and contractors around the world.

However, because this technology is still in its early stages and the regulatory outlook remains unclear, analysts interviewed by Fortune magazine are skeptical about whether Silicon Valley tech giants will widely adopt stablecoins in the near future.

Operating Costs

For companies like Amazon, the cost of transferring funds globally is high. According to its 2024 annual report, international business net sales accounted for 22% of last year's consolidated revenue, totaling nearly $143 billion. These sales are denominated in local currencies, meaning the company must consider foreign exchange risks and currency fluctuations, which could lead to losses in the billions.

Nick van Eck, CEO and co-founder of stablecoin startup Agora, points out that global fund management is one of the advantages of stablecoins, allowing local currencies to be converted into stablecoins and sent back to the US.

Agora allows companies to label their own dollar stablecoins. Nick van Eck told Fortune magazine that while most of Agora's current clients are cryptocurrency companies, his ideal clients are multinational corporations like PepsiCo, which have dozens of bank accounts and corporate entities around the world, as well as thousands of suppliers. "Stablecoins can significantly improve their capital efficiency," he said, "now you can transfer $100 million from one country to another in a second without waiting for days."

Agora is not the only startup looking to profit from the Silicon Valley stablecoin boom. Over the past year, numerous stablecoin startups, including Mesh, Bastion, and BVNK, have raised tens of millions of dollars from venture capital firms. In October of last year, payment company Stripe completed a landmark acquisition of stablecoin startup Bridge for $1.1 billion.

Stripe's clients include half of the Fortune 100 companies, and the company offers a variety of payment products, including helping businesses automatically charge customers, providing pre-built checkout systems, and assisting customers with global remittances. Co-founders Patrick Collison and John Collison praised stablecoins in a recent annual letter to investors, stating that these assets will help large companies expand globally faster and bring other benefits.

"Why should I pay with stablecoins?"

Colin Sebastian, an analyst responsible for Amazon research at Baird, told Fortune magazine that major companies have been looking for financial tools or payment methods that can help manage expenses or reduce friction. "Traditional credit card payments are quite expensive," he said, "and of course, the fees for cross-border transactions are even higher."

However, even though Amazon and other multinational companies may have economic incentives to try adopting stablecoins, convincing consumers to use this technology for payments will be trickier. "What can really drive a change in consumer behavior?" Sebastian asked, "Credit and debit cards are already very popular."

Maxim Group analyst Thomas Forte, who focuses on consumer internet companies like Amazon and Apple, agrees with Sebastian. He believes that the most reasonable use of stablecoins for Amazon would be to accept customer payments through stablecoins, thereby reducing transaction costs. "What I'm struggling with is: as an American consumer, why should I pay with stablecoins?" Forte asked.

Agora co-founder Van Eck believes that, at least until stablecoins are more widely adopted in the US, the countries most likely to embrace this technology will be those with greater currency volatility, as consumers in those countries are more motivated to try more stable payment methods. He recalled a recent example of funding from angel investors outside the US, where one transfer took 10 business days to arrive, while another took 22 business days. "This situation is very common, not just for individuals but also for multinational businesses," he told Fortune magazine.

For instance, in Argentina, inflation has persisted for over 15 years, and the country's currency has plummeted against the US dollar. Therefore, it is not surprising that from June 2023 to July 2024, stablecoin trading volume accounted for nearly 62% of the country's cryptocurrency trading volume, compared to a global average of about 45%, according to a Chainalysis report in 2024.

Nic Carter, founding partner of crypto venture capital firm Castle Island Ventures, which focuses on stablecoin investments, stated, "I'm more interested in businesses that truly solve problems for enterprises, like helping businesses in Nigeria pay someone in the Philippines."

Nevertheless, large tech companies in the US remain enthusiastic about this technology and have already taken steps to enter this emerging field. PayPal has launched its own stablecoin. Online brokerage firm Robinhood and payment giant Mastercard have joined an alliance where members can mint or create the stablecoin USDG. Companies like Amazon, Apple, and Meta have also begun exploring the use of stablecoins for payments.

Meta previously declined to comment on its stablecoin plans. Spokespeople for Apple and Amazon have not yet responded to requests for comment.

Baird analyst Sebastian stated that as Congress nears the completion of stablecoin regulation, there is little downside for large tech companies to experiment with this new technology. "A common trait among many large tech companies is that they are very willing to try new things."

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