As U.S. lawmakers are committed to passing key crypto-related legislation, multiple tech giants are reportedly exploring the adoption of stable stablers to reduce transaction costs and simplify cross-border payments.
Apple, Airbnb, X Eye Stablecoin integration
On Friday, Fortune reported that several large tech companies are in early conversations with cryptocurrency companies to integrate stable companies. Sources familiar with the matter told New Media that Apple, X, Airbnb and Google are exploring adoption of StableCoins to optimize cross-border payments and transaction costs.
According to the report, Airbnb has been in conversation with crypto companies since the beginning of the year, aiming to reduce transaction costs for payment processors such as Visa and MasterCard by adopting StableCoins.
A crypto company executive said the short-term home rental platform allegedly discussed integration with WorldPay’s Stablecoin, one of its payment processors. It is worth noting that WorldPay recently announced it will enable Stablecoin spending with Stablecoin infrastructure company BNVK.
An Airbnb spokesperson confirmed: “While crypto payments are not our focus on integrating into the platform in the near future, we always improve the community’s experience with IT, including the development and use cases of digital assets.”
Similarly, four sources told Fortune that Apple has been talking about its payment infrastructure since January. The talks reportedly included discussions with Circle’s senior director, who is “a strategic partnership in Stablecoin payments.”
Social media platform X has also recently been in touch with crypto companies to integrate Stablecoins into its new payment app X Money. It seems that Elon Musk’s platform is in conversation with payment processor stripes for integration.
Patrick Traughber, former head of consumer products and payments, reportedly led the discussion before leaving the company to work on Sam Altman-backed Crypto Project World in January. Now, Payam Abedi, a senior software engineer at X, is allegedly leading the conversation.
More tech giants explore adoption of cryptocurrencies
The report begins Google Cloud “arguably the furthest part of Stablecoin integration” as the tech giant has accepted payments from two clients in PayPal’s Pysud, which recently saw the Securities and Exchange Commission (SEC) end its investigation into Stablecoin, but no enforcement action.
“It’s obvious that this is probably one of the biggest upgrades to payments since the Swift Network,” Rich Widmann, head of strategy for Google Cloud Web3, told the news outlet.
“We have invoiced customers like we would normally do invoices. They have paid the bill the way they usually pay. But they have used stable people to implement the solution.”
The report notes that other large tech companies, including Meta, are also exploring Stablecoins. Uber CEO Dara Khosrowshahi said on Thursday that the company is in the “research” phase of Stablecoins’ global currency transfer.
Meanwhile, Haun Ventures partner Chris Ahn said:[Stablecoins] It’s this old idea, but ultimately I think we have the right work to blend together to make it really come true. ”
It is worth noting that under the Trump administration, U.S. regulators have deviated from the “regulation” of the “law enforcement” approach, trying to establish detailed guidelines and a clear framework for the crypto industry.
Recent changes have brought new levels of adoption in the industry, with numerous strategic Bitcoin reserve recommendations and treasury plans making headlines. In addition, U.S. lawmakers continue their bipartisan efforts to advance guidance and establish national innovation for the U.S. Stablecoins (Genius) Act, a legislation designed to allow the development of the U.S. Stablecoin industry.
Bitcoin (BTC) trades at $104,260 in the one-week chart. Source: BTCUSDT on TradingView
Featured images from Unsplash.com, charts from TradingView.com
Editing process For Bitcoin experts, focus on thorough research, accurate and impartial content. We adhere to strict procurement standards and each page is diligently evaluated by our top technical experts and experienced editorial team. This process ensures the integrity, relevance and value of our content to our readers.
