Remember when people asked, 'Can I buy a cup of coffee with Bitcoin?' Today, crypto asset payments are no longer a niche scenario, but are seen as 'the future of payments' by global retail giants.
Recent big news: Shopify officially launched $USDC stablecoin payments, with the first batch of merchants beginning testing on June 12, and full promotion expected within the year. At the same time, Amazon and Walmart are reportedly exploring launching their own stablecoins, with even Expedia and airlines researching crypto asset payments.
What is driving this craze? What pain points do stablecoins solve? Should banks and credit card companies be nervous? This article analyzes the core reasons behind e-commerce's embrace of crypto assets: is it a temporary trend, or an inevitable choice?
E-commerce has long suffered from credit card fees, is stablecoin the answer?
Simple fact: Payments have always been the invisible cost killer for e-commerce. Whether on Amazon, Shopify stores, or global markets, using credit cards, PayPal, or Apple Pay incurs costs each time.
For example, Visa and Mastercard typically charge fees of 2-3%. Merchants must pay this portion of 'invisible taxes' for every item sold. Not to mention the foreign exchange costs and settlement delays for cross-border orders. Traditional payment methods are undoubtedly a burden for digital commerce.
In contrast, stablecoins offer an attractive alternative:
Instant settlement (on-chain transactions)
Low transaction costs (no intermediary fees)
Cross-border compatibility (no foreign exchange hassle)
Programmability (can integrate 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.
Shopify fires the first shot: $USDC payment pilot launched
In the e-commerce platform, Shopify took the lead. Collaborating with Coinbase, Shopify launched the $USDC payment feature based on the Base network (Coinbase's Ethereum Layer 2 network). Here's how it works:
Customers use $USDC for on-chain payments
Merchants receive fiat currency (automatically converted to USD, etc.)
Circle and Shopify Payments handle the backend
For customers, the experience remains unchanged; for merchants, no need to understand crypto assets, the process is fully automated. The key difference? Lower costs and faster settlements.
To attract users, Shopify even offers a 1% cash back incentive in $USDC. 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 wants to convert them into buyers.
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 beginning to take crypto asset payments seriously. Multiple mainstream media outlets report:
Walmart and Amazon are exploring launching their own stablecoins (similar to Facebook's vision for Libra years ago)
Expedia and airlines are also researching crypto asset payments (to simplify cross-border travel settlements)
Why did traditional giants suddenly 'go all in'?
Lower transaction costs: Stablecoins bypass acquirers, significantly reducing fees
Accelerated settlement: 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. No wonder everyone is eager to try.
The recent public criticism of stablecoins by global payment providers is no coincidence — the pressure is real.
Crypto asset payments are not entirely decentralized: 'on-chain payments + off-chain settlements' is a compromise solution
It should be clear 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 choose $USDC payment on the Shopify interface (via Base or Ethereum on-chain transactions)
Shopify receives payments, 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 regulatory agencies are closely monitoring: Do stablecoins evade compliance? Is the settlement 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.
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. Tech stack anxiety
Web2 platforms are still constrained by traditional banking systems. In contrast, Web3 payment infrastructure inherently has:
Automation
Borderless
Transparency
The open-source protocol of Coinbase and Shopify can directly connect to 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 incentive mechanisms — cash back, NFT benefits, gamified loyalty programs.
Summary
Can stablecoins reshape the global e-commerce payment landscape?
Look at the current signals:
Payment volume surges: Monthly payment volume for stablecoins has 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 preparing.
The trend is evident: acceptance of crypto assets is rising, 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. E-commerce players that act first are laying the foundation for global payments in the next decade.
This article is authorized for reprint from: (Deep Tide TechFlow)
Original title: (Shopify, Walmart, Amazon and other e-commerce giants rush to stablecoins, will payments be the killer application for crypto?)
Original author: Plain Language Blockchain
'E-commerce giants rush to stablecoins! Competing for the payment field, is a killer application for crypto about to arrive?' This article was first published in 'Crypto City'
