Large tech companies such as Apple, X, and Airbnb are joining the exploration of cryptocurrency applications.

June 6th. As per Fortune magazine, the crypto industry has been in the pursuit of a "killer app" to successfully bring blockchain into the mainstream financial sector. And it seems that stablecoins might just be the answer they have been longing for. A stablecoin is a digital token that is pegged to a fiat currency like the US dollar. Banks and fintech companies are quickly adopting this technology. Now, even major tech companies are showing interest in getting involved. According to sources with knowledge of the matter, Apple, X (formerly Twitter), Airbnb, and Google are all in the initial stages of discussions with crypto companies to figure out how to incorporate stablecoins. These sources, who spoke to Fortune magazine on a condition of anonymity, said that these tech companies believe that using stablecoins can lower transaction costs and simplify cross-border payment processes. Not only these four companies but Meta (formerly Facebook) has also once again entered the payment technology field and is focusing on the potential of stablecoins. Despite its previous major crypto project failing due to regulatory issues. Uber CEO Dara Khosrowshahi stated at this Thursday's Bloomberg conference that Uber is in the research phase and is considering using stablecoins for global fund transfers. The interest of these tech giants comes at a time when stablecoins are attracting a lot of venture capital funding and the attention of lawmakers. The US Congress is currently considering two bills related to regulating the stablecoin asset class. Meanwhile, payment giant Stripe recently acquired a stablecoin startup called Bridge, which is seen as a turning point for Silicon Valley to take this technology seriously.