Stablecoins seem to be becoming the digital tentacles of dollar hegemony — and this time, it's not driven by The Federal Reserve (FED), nor by encryption companies, but by the giants of Silicon Valley and Wall Street.
According to The Wall Street Journal, Walmart and Amazon are actively exploring the issuance of their own stablecoins, a move that could disrupt the traditional payment ecosystem and potentially save these retail giants billions of dollars in transaction fees. Sources indicate that other large multinational companies, including Expedia, are also considering similar initiatives, signaling that the way major merchants in the United States process payments may change.
A recent survey published by Coinbase shows that by 2025, nearly 29% of the Fortune 500 companies are using or exploring stablecoins, up significantly from 8% in 2024, a more than threefold increase in just one year. Among them, 7% of companies are already using stablecoins in their daily operations. The report states that faster settlement speeds and lower payment costs are the core attractions.
CMC data shows that the stablecoin market in the encryption sector has reached $238 billion, dominated by Tether (USDT) and Circle's USDC. The concept of this "digital dollar" is now triggering a chain reaction among retailers, e-commerce, banks, and legislators.
Retail giants' layout: Walmart and Amazon's "brand coin" ambition
Amazon and Walmart are evaluating the issuance of their own branded stablecoin. This move not only could save billions of dollars in transaction fees, especially achieving low-cost, instant payments in cross-border transactions, but more importantly, it opens up possibilities for companies to create a "closed-loop economy": value flows freely within their ecosystem without relying on the traditional banking system.
This "corporate coin issuance craze" has also attracted Expedia Group and several international airlines, who are exploring stablecoins as a payment method, aiming to bypass the expensive and high-latency cross-border payment networks.
Meta is also not to be outdone. According to previous reports by BiTui, the company is collaborating with stablecoin companies to launch its own stablecoin, primarily serving international creators on platforms such as Instagram, reducing payment costs and avoiding settlement barriers. For example, a creator in Mexico could receive advertising fees from a U.S. brand through Meta's stablecoin without having to wait for bank clearance or pay high intermediary fees.
Multinational banks and financial giants are also "competing to issue coins".
In the traditional financial industry, Shopify has partnered with Coinbase to allow its global merchants to accept Circle's USDC stablecoin through the Base blockchain. Coinbase has also launched "crypto-native business accounts," providing startups and small to medium-sized businesses with integrated services for zero-fee stablecoin deposits, custody, earnings, and conversions.
Shopify stated that the purpose of introducing stablecoins is to provide safe and efficient payment protocols for its global creators, especially in regions and scenarios that traditional payment systems cannot cover.
Circle has become the first stablecoin issuer to be listed on the US stock market, promoting USDC to six blockchains. The latest stop is Ripple's XRP Ledger, aiming to leverage its low-cost and high liquidity global clearing network.
In Asia, Ant Group's international subsidiary is applying for stablecoin issuance licenses in Singapore and Hong Kong, aiming to issue regional stablecoin products in compliance, in order to reshape its overseas payment landscape.
Europe is not falling behind either. The digital asset subsidiary of Societe Generale has issued the first dollar and euro stablecoin in Europe, CoinVertible, backed by a traditional bank, which will be launched on Ethereum and Solana, with BNY Mellon as the custodian, fully complying with the French digital asset regulatory framework.
Various signs indicate that stablecoins are evolving into "enterprise infrastructure," no longer just encryption native tools, but rather core modules within major institutional financial systems.
stablecoin legislation: The GENIUS Act reshapes the U.S. encryption regulatory landscape
The U.S. Senate recently advanced the "National Stablecoin Innovation Act" (GENIUS Act), providing a comprehensive regulatory framework for stablecoins. If successfully legislated, it will require stablecoin issuers:
Full reserve backing, asset to issuance ratio of 1:1;
Accept federal or state financial regulation;
Fulfill anti-money laundering and compliance obligations;
Regular public reserve audit reports.
The bill was introduced by Republican Senator Bill Hagerty and has received bipartisan support, currently preparing for a final vote. Although some are concerned that this will undermine the spirit of "decentralization" in encryption, most industry insiders believe that regulation is a necessary prerequisite for promoting industry growth.
Ultimately, stablecoins are nothing but a digital skin for the hegemony of the US dollar - a change of clothes, but the essence remains the same. The giants are rushing to issue stablecoins, not to overthrow the system, but to continue sharing the cake in the new era. In this game, the real winner may never be the cryptocurrency, but the US dollar itself.
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Multiple giants enter the stablecoin space, a digital chapter of dollar hegemony?
Stablecoins seem to be becoming the digital tentacles of dollar hegemony — and this time, it's not driven by The Federal Reserve (FED), nor by encryption companies, but by the giants of Silicon Valley and Wall Street.
According to The Wall Street Journal, Walmart and Amazon are actively exploring the issuance of their own stablecoins, a move that could disrupt the traditional payment ecosystem and potentially save these retail giants billions of dollars in transaction fees. Sources indicate that other large multinational companies, including Expedia, are also considering similar initiatives, signaling that the way major merchants in the United States process payments may change.
A recent survey published by Coinbase shows that by 2025, nearly 29% of the Fortune 500 companies are using or exploring stablecoins, up significantly from 8% in 2024, a more than threefold increase in just one year. Among them, 7% of companies are already using stablecoins in their daily operations. The report states that faster settlement speeds and lower payment costs are the core attractions.
CMC data shows that the stablecoin market in the encryption sector has reached $238 billion, dominated by Tether (USDT) and Circle's USDC. The concept of this "digital dollar" is now triggering a chain reaction among retailers, e-commerce, banks, and legislators.
Retail giants' layout: Walmart and Amazon's "brand coin" ambition
Amazon and Walmart are evaluating the issuance of their own branded stablecoin. This move not only could save billions of dollars in transaction fees, especially achieving low-cost, instant payments in cross-border transactions, but more importantly, it opens up possibilities for companies to create a "closed-loop economy": value flows freely within their ecosystem without relying on the traditional banking system.
This "corporate coin issuance craze" has also attracted Expedia Group and several international airlines, who are exploring stablecoins as a payment method, aiming to bypass the expensive and high-latency cross-border payment networks.
Meta is also not to be outdone. According to previous reports by BiTui, the company is collaborating with stablecoin companies to launch its own stablecoin, primarily serving international creators on platforms such as Instagram, reducing payment costs and avoiding settlement barriers. For example, a creator in Mexico could receive advertising fees from a U.S. brand through Meta's stablecoin without having to wait for bank clearance or pay high intermediary fees.
Multinational banks and financial giants are also "competing to issue coins".
In the traditional financial industry, Shopify has partnered with Coinbase to allow its global merchants to accept Circle's USDC stablecoin through the Base blockchain. Coinbase has also launched "crypto-native business accounts," providing startups and small to medium-sized businesses with integrated services for zero-fee stablecoin deposits, custody, earnings, and conversions.
Shopify stated that the purpose of introducing stablecoins is to provide safe and efficient payment protocols for its global creators, especially in regions and scenarios that traditional payment systems cannot cover.
Circle has become the first stablecoin issuer to be listed on the US stock market, promoting USDC to six blockchains. The latest stop is Ripple's XRP Ledger, aiming to leverage its low-cost and high liquidity global clearing network.
In Asia, Ant Group's international subsidiary is applying for stablecoin issuance licenses in Singapore and Hong Kong, aiming to issue regional stablecoin products in compliance, in order to reshape its overseas payment landscape.
Europe is not falling behind either. The digital asset subsidiary of Societe Generale has issued the first dollar and euro stablecoin in Europe, CoinVertible, backed by a traditional bank, which will be launched on Ethereum and Solana, with BNY Mellon as the custodian, fully complying with the French digital asset regulatory framework.
Various signs indicate that stablecoins are evolving into "enterprise infrastructure," no longer just encryption native tools, but rather core modules within major institutional financial systems.
stablecoin legislation: The GENIUS Act reshapes the U.S. encryption regulatory landscape
The U.S. Senate recently advanced the "National Stablecoin Innovation Act" (GENIUS Act), providing a comprehensive regulatory framework for stablecoins. If successfully legislated, it will require stablecoin issuers:
The bill was introduced by Republican Senator Bill Hagerty and has received bipartisan support, currently preparing for a final vote. Although some are concerned that this will undermine the spirit of "decentralization" in encryption, most industry insiders believe that regulation is a necessary prerequisite for promoting industry growth.
Ultimately, stablecoins are nothing but a digital skin for the hegemony of the US dollar - a change of clothes, but the essence remains the same. The giants are rushing to issue stablecoins, not to overthrow the system, but to continue sharing the cake in the new era. In this game, the real winner may never be the cryptocurrency, but the US dollar itself.