Tech giants like Apple and Google are actively exploring stablecoins, which are expected to become the killer application for Blockchain to enter mainstream finance.

On June 6, Fortune magazine reported that the crypto industry has long been looking for a "killer app" to drive blockchain into mainstream finance — and stablecoins could be the answer they've been looking for. Stablecoins, a digital token pegged to fiat currencies such as the U.S. dollar, are rapidly being adopted by banks and fintechs, and now big tech companies are interested in joining the bandwagon.

According to informed sources, Apple, X (formerly Twitter), Airbnb, and Google are all in early discussions with cryptocurrency companies to explore how to integrate stablecoins. These sources, speaking anonymously to Fortune magazine, stated that these tech companies believe that adopting stablecoins can reduce transaction costs and optimize cross-border payment processes.

Not only Apple, X, Airbnb, and Google, but Meta (formerly known as Facebook) is also making a return to the payment technology field, refocusing on the potential of stablecoins—despite the failure of its previous grand encryption project due to regulatory pressure. Uber CEO Dara Khosrowshahi stated at the Bloomberg conference this Thursday that Uber is in the research phase, considering the use of stablecoins for global fund transfers.

The interest of tech giants coincides with the fact that stablecoins are attracting significant venture capital funding and the attention of lawmakers. The U.S. Congress is currently considering two bills aimed at regulating the stablecoin asset class. Meanwhile, payment giant Stripe recently acquired the stablecoin startup Bridge, a deal that is also seen as a turning point for Silicon Valley to start taking this technology seriously.