According to Chamath Palihapitiya, a Silicon Valley investor, SpaceX, owned by Elon Musk, uses stablecoins to manage currency fluctuations. The company converts payments from customers of its satellite internet service Starlink in various countries to stablecoins and then converts it to dollars in the USA. Palihapitiya believes stablecoins should be used for cross-border transactions to eliminate the extra costs imposed by banks in this process. He states that stablecoin providers like Tether and Circle are becoming serious competitors to banks and traditional payment companies.
