Stablecoin Track Begins to Get Crowded
Original Article:Shopify, Walmart, Amazon Embrace Crypto: Why Are E-Commerce Giants Suddenly Turning to Stablecoins?
Author:SuperEx
Translated by:Blockchain Plain Talk (ID: hellobtc)
Remember when people used to ask, "Can you buy a cup of coffee with Bitcoin?" Today, crypto asset payments are no longer a niche scenario, but are viewed by global retail giants as the "future payment method".
Recent big news: Shopify officially launched USDC stablecoin payment, with the first batch of merchants beginning testing on June 12, expected to be fully rolled out this year. Meanwhile, Amazon and Walmart are reportedly exploring issuing their own stablecoins, and even Expedia and airlines are researching crypto asset payments.
What is driving this trend? What pain points do stablecoins solve? Should banks and credit card companies be worried? This article analyzes the core reasons why e-commerce is embracing crypto assets: Is this a temporary trend or an inevitable choice?
E-commerce Has Been Suffering from Credit Card Fees for Years - Are Stablecoins the Answer?
Simple fact: Payment has always been the hidden cost killer for e-commerce. Whether on Amazon, Shopify stores, or global marketplaces, using credit cards, PayPal, or Apple Pay always incurs fees.
For example, Visa and Mastercard typically charge 2-3% fees. For each item sold, merchants have to pay this "hidden tax". Not to mention foreign exchange fees and settlement delays for cross-border orders. Traditional payment methods are undoubtedly a burden on digital commerce.
In comparison, stablecoins offer a compelling alternative:
- Real-time settlement (on-chain transactions)
- Low transaction costs (no intermediary fees)
- Cross-border compatibility (no foreign exchange hassles)
- Programmability (can be integrated with logistics and fulfillment systems)
Therefore, it's not surprising that giants like Shopify, Walmart, and Amazon are actively assessing whether they can control this value chain themselves.
Shopify Fires the First Shot: USDC Payment Pilot Goes Live
Among e-commerce platforms, Shopify is the first to act. Collaborating with Coinbase, Shopify launched USDC payment functionality based on the Base network (Coinbase's Ethereum Layer 2 network). Here's how it works:
- Customers pay using USDC on-chain
- Merchants receive fiat currency (automatically converted to USD, etc.)
- Circle and Shopify Payments handle backend processing
For customers, the experience remains unchanged; for merchants, no crypto asset knowledge is required, and the process is fully automated. The key difference? Lower fees and faster settlement.
To attract users, Shopify even offers a 1% USDC cashback incentive. Paying with stablecoins can now earn money, directly challenging traditional payment channels.
This also demonstrates Shopify's deep insight into Web3 user behavior. Many stablecoin holders do not use credit cards or PayPal but have assets to spend. Shopify hopes to convert them into buyers.
Retail Giants Follow: Amazon and Walmart Join the Race
Shopify took the first step, but more symbolically, global retail giants are now seriously considering crypto asset payments. Multiple mainstream media reports suggest:
- Walmart and Amazon are exploring issuing their own stablecoins (similar to Facebook's Libra vision)
- Expedia and airlines are also researching crypto asset payments (to simplify cross-border travel settlements)
Why are traditional giants suddenly "going all out"?
- Reduce transaction costs: Stablecoins bypass acquiring institutions, significantly reducing fees
- Accelerate settlement: From days to seconds
- Improve customer retention: Crypto asset users are more likely to support merchants compatible with their wallets
- Bypass traditional bank delays: No need to wait for bank transfers or credit approvals
In short, stablecoins solve several long-standing pain points for e-commerce. No wonder everyone is eager to try.
It's no coincidence that global payment providers have recently publicly criticized stablecoins - the pressure is real.
Crypto Asset Payment Is Not Fully Decentralized: "On-Chain Payment + Off-Chain Settlement" Is a Compromise Solution
It needs to be clarified that crypto asset payments in practice are not completely decentralized. Taking Shopify's implementation as an example, it adopts a typical "on-chain/off-chain hybrid" model:
- Users select USDC payment on the Shopify interface (through transactions on Base or Ethereum chain)
- Shopify receives the payment, and Circle converts it to fiat currency (such as US dollars, euros, or yen)
- Fiat currency is delivered through traditional banking channels
Therefore, although stablecoins bypass Visa or Mastercard, the last mile still relies on banks. This is precisely what regulators are closely monitoring: Are stablecoins circumventing compliance? Is the clearing process transparent? How are AML and KYC handled?
Fortunately, Shopify and Circle have done their homework, and their implementation meets the current US regulatory expectations for stablecoin compliance.
05
Why Are E-commerce Giants Betting on Stablecoins? Three Industry Anxieties
Let's analyze the core driving factors:
1. Cost Anxiety
Merchants are tired of credit card and PayPal fees. Stablecoins provide a way to bypass intermediaries, reduce costs, and accelerate cash flow.
2. Technology Stack Anxiety
Web2 platforms are still constrained by traditional banking systems. In contrast, Web3 payment infrastructure is inherently:
- Automated
- Borderless
- Transparent
Coinbase and Shopify's open-source protocols can directly integrate with order systems, which is much more concise than PayPal's traditional SDK.
3. User Anxiety
The crypto asset user group is growing rapidly, and they "have coins but nowhere to spend them". Supporting crypto payments is a simple way to attract and retain this group. Additionally, it supports innovative reward mechanisms - cash back, Non-Fungible Token benefits, gamified loyalty programs.
Summary
Can Stablecoins Reshape the Global E-commerce Payment Landscape?
Look at the current signals:
- Payment Volume Surge: Stablecoin monthly payment volume has increased from $2 billion two years ago to $6.3 billion, with global total transactions exceeding $9.4 billion.
- Platform Active Actions: Shopify has launched, Amazon and Walmart are researching, and travel giants are preparing.
The trend is obvious: Crypto asset acceptance is rising, cross-border trade needs efficient settlement, and traditional payment systems are becoming bottlenecks.
If Bitcoin is digital gold, then stablecoins are becoming digital dollars. E-commerce players acting first are laying the foundation for global payments in the next decade.
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