{"id":458623,"date":"2024-12-22T14:02:42","date_gmt":"2024-12-22T14:02:42","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=458623"},"modified":"2024-12-22T14:02:42","modified_gmt":"2024-12-22T14:02:42","slug":"elon-musks-spacex-uses-stablecoins-to-hedge-against-foreign-exchange-risks","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/elon-musks-spacex-uses-stablecoins-to-hedge-against-foreign-exchange-risks\/","title":{"rendered":"Elon Musk’s SpaceX uses stablecoins to hedge against foreign exchange risks"},"content":{"rendered":"

SpaceX uses stablecoins to dodge foreign exchange risks, Silicon Valley venture capitalist Chamath Palihapitiya<\/a> said in the All-In podcast<\/a> on Friday.<\/p>\n

Foreign exchange risk refers to the risk of losses that could arise from drastic fluctuations in a currency. For example, if a U.S. company has customers in Brazil that pay in Real (BRL), the company could stand to lose money when converting to U.S. dollars.<\/p>\n

Using stablecoins as a hedge<\/h2>\n

According to Palihapitiya, SpaceX collects payments from all customers of Starlink in “long-tail countries,” and converts them to stablecoins. Starlink, which is wholly owned by Elon Musk's SpaceX, provides satellite internet services.<\/p>\n

Palihapitiya said the company re-converts the stablecoins to dollars in the U.S..<\/p>\n

“When they [SpaceX] aggregate them [payments] in all of these long-tail countries, they don't want to necessarily take the foreign exchange risk. They don't want to deal with sending wires.”<\/p><\/blockquote>\n

According to Palihapitiya, stablecoins should become the primary method of cross-border transactions in the U.S., which would allow “us to chip away all of this decrepit infrastructure that the banks use to sort of slow down and tax a process that should never have been taxed.”<\/p>\n

Stablecoin providers competing with traditional financial institutions<\/h2>\n

Stablecoin providers like Tether and Circle are emerging as worthy contenders that will give banks a run for their money when it comes to money storage and transfer services.<\/p>\n

But it's not just the banks the stablecoin providers are competing with. Stablecoin providers are also contending with traditional payment giants like MasterCard and American Express, Palihapitiya said.<\/p>\n

He added that reducing the cost of cross-border transfers by even 3%\u2014which is what Stripe charges\u2014”would be a boon to global GDP (gross domestic product).”<\/p>\n

Aaron Levie, the CEO of enterprise cloud firm Box, agreed with Palihapitiya and said that stablecoins replacing costly traditional transaction mediums “makes total sense.”<\/p>\n

With SpaceX being run by Elon Musk<\/a>, a fan of meme coin DOGE, it comes as no surprise that the firm uses stablecoins. Elon Musk's Tesla<\/a> invested heavily in Bitcoin\u2014an investment that has clearly paid off with the investment value crossing<\/a> the $1 billion mark last month as the price of Bitcoin (BTC<\/a>) started surging after Donald Trump's election victory.<\/p>\n

Since taking over Twitter and rebranding the social media platform to X, Musk has enabled X users to send Bitcoin and other cryptocurrencies as ‘tips' to other users. There has also been widespread speculation about crypto's role in X's upcoming payments feature.<\/p>\n","protected":false},"excerpt":{"rendered":"

SpaceX uses stablecoins to dodge foreign exchange risks, Silicon Valley venture capitalist Chamath Palihapitiya said in the All-In podcast on Friday. Foreign exchange risk refers to the risk of losses that could arise from drastic fluctuations in a currency. 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