Remember when people asked, 'Can I buy a cup of coffee with Bitcoin?' Now, 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 testing on June 12 and full rollout expected within the year. At the same time, Amazon and Walmart are reportedly exploring the issuance of their own stablecoins, and even Expedia and airlines are researching crypto asset payments.
What is driving this trend? What pain points do stablecoins address? 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 passing trend or an inevitable choice?
01
E-commerce has long been plagued by credit card fees; are stablecoins the answer?
Simple fact: Payments have always been the invisible cost killer for e-commerce. Whether on Amazon, Shopify stores, or global markets, each use of credit cards, PayPal, or Apple Pay incurs fees.
For example, Visa and Mastercard typically charge fees of 2-3%. For each item sold, merchants have to pay this portion of 'invisible tax.' Not to mention the forex fees and settlement delays for cross-border orders. Traditional payment methods are undoubtedly a burden for digital commerce.
In contrast, stablecoins offer an attractive alternative:
Real-time settlement (on-chain transactions)
Low transaction costs (no intermediary fees)
Cross-border compatibility (no forex hassle)
Programmability (can be integrated with logistics and fulfillment systems)
Therefore, it is not surprising that giants like Shopify, Walmart, and Amazon are actively assessing whether they can take control of this value chain.
02
Shopify fired the first shot: USDC payment pilot launched
In the e-commerce platform arena, Shopify took the lead. In partnership with Coinbase, Shopify launched a USDC payment feature based on the Base network (Coinbase's Ethereum Layer 2 network). The operation works as follows:
Customers use USDC for payments 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 is no need to understand crypto assets, and 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 also earn money, which directly challenges 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 aims to convert them into buyers.
03
Retail giants follow suit: Amazon and Walmart join the race
Shopify took the lead, but it is even more symbolic that global retail giants are also starting to take crypto asset payments seriously. Several mainstream media outlets have reported:
Walmart and Amazon are exploring the issuance of their own stablecoins (similar to Facebook's former 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?
Reduced transaction costs: Stablecoins bypass acquiring institutions, significantly reducing fees
Accelerated settlement: reduced from days to seconds
Improved customer retention: Crypto asset users are more inclined 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. No wonder everyone is eager to try.
The recent public criticism of stablecoins by global payment providers is no coincidence—there is real pressure.
Crypto asset payments are not entirely decentralized: 'On-chain payments + off-chain settlements' is a compromise solution.
It should be clarified that actual crypto asset payments are not fully 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 Base or Ethereum on-chain transactions)
Shopify receives payments, and Circle converts them into fiat currency (such as USD, EUR, JPY)
Fiat currency delivered through traditional banking channels
Therefore, although stablecoins bypass Visa or Mastercard, the last mile still relies on banks. This is precisely the issue that regulators are closely monitoring: Do stablecoins evade 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 U.S. regulatory expectations for stablecoin compliance.
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 are still constrained by traditional banking systems. In contrast, Web3 payment infrastructure is inherently equipped with:
Automation
Borderless
Transparency
The open-source protocol from Coinbase and Shopify can be directly integrated into order systems, making it 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 straightforward way to attract and retain this group. Additionally, it supports innovative reward mechanisms—cashback, NFT benefits, and gamified loyalty programs.
Can stablecoins reshape the global e-commerce payment landscape?
Look at the current signals:
Payment volume surges: Monthly payment volume for stablecoins has risen from $2 billion two years ago to $6.3 billion, with a total global transaction volume exceeding $94 billion.
Platforms are taking proactive action: Shopify has launched, while Amazon and Walmart are researching, and travel giants are also preparing.
The trend is clear: acceptance of crypto assets is on the rise, cross-border trade requires efficient settlement, and traditional payment systems have become a bottleneck.
If Bitcoin is digital gold, then stablecoins are becoming digital dollars. The e-commerce players that took the lead are laying the foundation for global payments in the next decade.