CandleFocus ? Elon Musk's SpaceX uses stablecoins to hedge against foreign exchange risks
2024-12-22
Author: Content Editor
SpaceX, owned by Elon Musk, uses stablecoins to avoid foreign exchange risks when collecting payments from customers in countries with volatile currencies, according to venture capitalist Chamath Palihapitiya. Stablecoins, such as Tether and Circle, are emerging as contenders against traditional banks and payment giants like MasterCard and American Express. Palihapitiya believes that stablecoins should become the primary method of cross-border transactions in the US, as they would reduce costs and improve global GDP. The use of stablecoins by SpaceX is not surprising considering Musk's interest in cryptocurrencies, such as Bitcoin and meme coin Dogecoin.
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