Stablecoin Market Updates: Uber Prefers Stablecoins, Senate Bill to Get Bipartisan Support, Circle Debuts on NYSE - Coinspeaker

Key Notes

• Khosrowshahi emphasized the importance of stablecoin as a store of value, hinting that he prefers them over Bitcoin.
• Arizona Senator Ruben Gallego confirmed that the Senate's stablecoin bill could garner support from up to 16 Democrats.
• Stablecoin issuer Circle made a strong NYSE debut, with shares opening at $69 and closing at $83, marking a 168% first-day gain. .

Global ride-sharing giant Uber is now exploring the use of stablecoin to reduce costs in moving money cross-border. CEO Dara Khosrowshahi said that the company is still in the “study phase,” while speaking at the Bloomberg Tech Summit in San Francisco on June 5.

“We’re still in the study phase, I’d say, but stablecoin is one of the, for me, more interesting instantiations of crypto that has a practical benefit other than crypto as a store of value. Obviously, you can have your opinions on Bitcoin, but it’s a proven commodity, and you know, people have different opinions on where it’s going.”

Unlike Bitcoin or other volatile altcoins, stablecoins are digital assets tied to relatively stable assets like fiat, such as USD, EUR, etc. Khosrowshahi described stablecoins as “highly intriguing,” emphasizing their potential as a payment mechanism for facilitating money transfers. Interestingly, his comments come at a time when the stablecoin bill aka GENIUS Act is preparing for Senate approval.

Senate Stablecoin Bill to Get Bipartisan Support

Arizona Senator Ruben Gallego stated on June 5 that up to 16 Democrats might support the Senate’s stablecoin bill during its final vote. He added that the bill, set for a final vote next week, is likely to secure strong bipartisan backing, potentially surpassing the support seen in earlier procedural votes.

“We’ve worked in a very honest, earnest manner with our Republican colleagues, [and] we think that they’ve been doing the same,” said Gallego in an interview. “They adopted a lot of the amendments, most of the amendments that we’ve been adding.”

Related article: Ripple's Stablecoin Gets Dubai's Nod: What This Means for CryptoGallego noted that while the bill is likely to pass, its impact will be limited without the accompanying legislation needed to regulate the broader cryptocurrency market framework.

USDC Issuer Circle Makes Stellar Debut on Wall Street

After a solid buzz around the Circle IPO, the stablecoin firm made a solid debut on Wall Street, with a listing price of $69 on the NYSE. The listing gains were more than 100% for the CRCL stockholders who received the shares at an IPO price of $31. Although the stock price rallied to $100 during yesterday’s trading session, it settled at $83 by the day’s end, clocking 168% on the first day.

Circle’s debut as a public company witnessed a surge in trading activity, with 47.1 million shares exchanged on its first day. This intense price action propelled the stablecoin giant’s market capitalization to $16.7 billion by the market close.

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