Stablecoins: Blockchain’s killer app or an economic chaos agent?
Long overshadowed by the noise of crypto and NFTs, stablecoins were, until recently, the lesser-known sibling in digital finance. Potentially functional but unsexy. However, stablecoins have quietly started moving large sums of money — across borders, between corporates and through payment networks. We explore what’s behind their acceleration, why they matter now, and what they could unlock for retailers and global brands.
From Volatile to Viable: What Are Stablecoins?
Stablecoins are blockchain-based tokens designed to maintain a fixed value, typically pegged to fiat currencies like the US dollar or euro. Most are backed 1:1 by reserves — either cash, short-term Treasuries, or tokenised deposits.
What they offer is:
Real-time settlements
Significantly lower transaction costs by cutting out middlemen
Borderless reach
On-chain transparency
Where Stablecoins Start to Matter for Retail and Consumer
Consumer-facing businesses are exploring stablecoins for margin improvement, liquidity access and operational speed. These use cases stand out:
Working Capital Efficiency
Stablecoin settlement compresses payment cycles, particularly across international supply chains. Instant settlement means faster access to funds — without costly intermediaries or FX lag.Programmable Treasury
Think of automated payments triggered by real-world events: goods delivered, inventory sold, services fulfilled.Financial Inclusion and FX Hedging
Platforms operating in inflation-hit or underbanked regions use stablecoins as payment rails or store-of-value tools.Retailer-Issued Stablecoins
The most disruptive angle: retailers minting their own tokens to handle payments internally. Shaving off 1–3% in card processing fees would be a fundamental margin unlock, so it’s not surprising that Walmart & Amazon are rumoured to be exploring this. Tokens could double as loyalty infrastructure, too. Imagine discounts and cashback issued automatically, in real time — instead of on a printed receipt that you have to hold till your next shop.
Who’s Already Moving?
The list of first movers is diverse:
Mercado Libre uses USDC to settle real-time supplier payments across LATAM.
Siemens, uses JP Morgan’s coin to automate treasury movements based on delivery events — saving $20m annually.
Maersk ties tokenised payments to ship refuelling — removing delay and human intervention from trade finance flows.
Shopify enables merchants to accept USDC.
Starlink and Tesla use stablecoin rails for global operational flows and FX management.
Amazon and Walmart are reportedly exploring issuing their own stablecoins for payments and loyalty.
Who’s Building the New Rails?
Circle, issuer of USDC, has become the go-to provider for regulated, business-ready stablecoins. Its successful IPO in 2025 signalled growing institutional confidence. Circle now offers plug-and-play APIs for payouts, wallets, and treasury — bringing tokenised money into reach for mainstream businesses.
Tether, the issuer of USDT, remains the largest stablecoin by circulation and volume — especially in emerging markets, crypto exchanges, and high-friction corridors. It’s not without controversy: critics cite inconsistent transparency and regulatory scrutiny. But its scale means it remains deeply embedded in the pipes of the modern money movement.
Stripe is expanding stablecoin infrastructure via its acquisition of Bridge, enabling wallet and payout solutions in underbanked regions. The goal isn’t crypto, but seamless fiat-stablecoin-fiat flow.
Not Without Risks
Stablecoins aren’t frictionless — they come with real risks and structural challenges:
Regulatory uncertainty remains, despite progress (US GENIUS Act, EU MiCA, UK lags in consulting phases).
Reserve transparency is under scrutiny — past failures (e.g. Terra) aren’t forgotten.
Smart contract risk requires rigorous testing. Programmability introduces failure modes traditional systems never had to consider.
The mood suggests though that stablecoins are no longer being treated like crypto experiments and more like infrastructure that needs regulating, not resisting.
The Bigger Picture: Infrastructure, Not Just Innovation
Stablecoins won’t replace fiat. But they might quietly replace a good chunk of how fiat moves. Whether embedded in loyalty, powering supplier payments, or enabling conditional refunds, the programmable layer is what unlocks value — not the asset itself. Ultimately, those experimenting have asked “Why are we still relying on slow, expensive, inflexible systems when alternatives exist?”
Conclusion: The Quiet Layer Reshaping Payments
Stablecoins are not a silver bullet. But they are a credible alternative to traditional settlement rails — especially for businesses navigating cross-border complexity, liquidity needs, or cost pressure. What we are most excited about is the programmable aspect opening up opportunities for operational automation and loyalty drivers. Retailers and brands would be wise to watch closely — or better yet, pilot quietly.
