Author: Plain Language Blockchain
Remember when people asked, 'Can you buy a cup of coffee with Bitcoin?' Nowadays, crypto asset payments are no longer a niche scenario but are seen by global retail giants as 'the future of payment.'
Recent big news: Shopify officially launched USDC stablecoin payments, with the first batch of merchants starting tests on June 12, and full promotion expected within the year. At the same time, 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 are stablecoins solving? Should banks and credit card companies be worried? This article analyzes the core reasons for e-commerce's embrace of crypto assets: Is this a temporary trend or an inevitable choice?
01 Has e-commerce suffered from credit card fees for years, and is stablecoin the answer?
Simple fact: Payments have always been the invisible cost killer of e-commerce. Whether on Amazon, Shopify stores, or global markets, using a credit card, PayPal, or Apple Pay incurs fees each time.
For example, Visa and Mastercard typically charge fees of 2-3%. For every item sold, merchants have to pay this portion of 'invisible tax.' Not to mention the foreign exchange fees and settlement delays on cross-border orders. Traditional payment methods are undoubtedly a burden on digital commerce.
In contrast, stablecoins offer an appealing alternative:
Real-time settlements (on-chain transactions)
Low transaction costs (no intermediary fees)
Cross-border compatibility (no foreign exchange hassles)
Programmability (integratable with logistics and fulfillment systems)
Therefore, it’s not surprising that giants like Shopify, Walmart, and Amazon are actively assessing whether they can take control of this value chain.
02 Shopify Fires the First Shot: USDC Payment Pilot Goes Live
Within e-commerce platforms, Shopify is the first to act. In collaboration with Coinbase, Shopify launched USDC payment functionality based on the Base network (Coinbase's Ethereum Layer 2 network). Here's how it works:
Customers use USDC to pay on-chain
Merchants receive fiat currency (automatically converted to USD, etc.)
Circle and Shopify Payments handle the backend
For customers, the experience remains unchanged; for merchants, there's no need to understand crypto assets, the process is fully automated. The key difference? Lower fees and faster settlements.
To attract users, Shopify even offers a 1% USDC cash back incentive. Paying with stablecoins can earn money, directly challenging traditional payment channels.
This also shows 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.
03 Retail Giants Follow Suit: Amazon and Walmart Join the Race
Shopify took the lead, but more symbolically, global retail giants are also starting to take crypto asset payments seriously. Several mainstream media reports:
Walmart and Amazon are exploring issuing their own stablecoins (similar to Facebook's former Libra vision)
Expedia and airlines are also studying crypto asset payments (to simplify cross-border travel settlements)
Why are traditional giants suddenly going 'all in'?
Lower transaction costs: Stablecoins bypass acquiring institutions, significantly reducing fees
Accelerated settlements: Shortened from days to seconds
Improved customer retention: Crypto asset users are more likely to support merchants compatible with their wallets
Bypassing traditional banking delays: No need to wait for bank transfers or credit approvals
In short, stablecoins address several long-standing pain points that e-commerce has struggled with for years. It’s no wonder everyone is eager to try.
The recent public criticism of stablecoins by global payment providers is no coincidence—the pressure is real.
04 Crypto asset payments are not fully decentralized: 'On-chain payments + off-chain settlements' is a compromise solution
It is important to clarify that actual crypto asset payments are not entirely 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 (via Base or Ethereum on-chain transactions)
Shopify receives payments, Circle converts them to fiat currency (like USD, EUR, JPY)
Fiat currency is delivered through traditional banking channels
Thus, while stablecoins avoid Visa or Mastercard, the final mile still relies on banks. This is precisely the concern 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 aligns with current regulatory expectations for stablecoin compliance in the U.S.
05 Why are e-commerce giants betting on stablecoins? Three major industry anxieties
Let's analyze the core driving factors:
1. Cost Anxiety
Merchants are tired of paying credit card and PayPal fees. Stablecoins provide a way to bypass intermediaries, reduce costs, and accelerate cash flow.
2. Technology Stack Anxiety
Web2 platforms remain constrained by traditional banking systems. In contrast, Web3 payment infrastructures inherently possess:
Automation
Borderless
Transparency
Coinbase and Shopify's open-source protocol can be directly integrated into order systems, much simpler than PayPal's traditional SDK.
3. User Anxiety
The crypto asset user base 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, NFT benefits, gamified loyalty programs.
06 Summary
Can stablecoins reshape the global e-commerce payment landscape?
Look at the current signals:
Payment volume surges: Monthly stablecoin payment volume increased from $2 billion two years ago to $6.3 billion, with a total global transaction volume exceeding $94 billion.
Platforms are taking action: Shopify has launched, Amazon and Walmart are researching, and travel giants are also preparing.
The trend is clear: acceptance of crypto assets is rising, cross-border trade requires efficient settlement, and traditional payment systems are becoming bottlenecks.
If Bitcoin is digital gold, then stablecoins are becoming digital dollars. The first movers in e-commerce are laying the groundwork for global payments in the next decade.
