Stablecoins seem to be becoming the digital tentacles of dollar hegemony - and this time, it's not driven by the Federal Reserve or crypto enterprises, but by giants of Silicon Valley and Wall Street.
According to the Wall Street Journal, Walmart and Amazon are actively exploring issuing their own stablecoins, which could disrupt the traditional payment ecosystem and potentially save these retail giants billions of dollars in transaction fees. Informed sources say that other large multinational companies, including Expedia, are also considering similar moves, signaling a potential transformation in how major US merchants process payments.
Coinbase's latest survey shows that nearly 29% of Fortune 500 companies are using or exploring stablecoins in 2025, significantly higher than 8% in 2024, more than tripling in a year. 7% of enterprises are already using stablecoins in daily operations, with the report stating that faster settlement and lower payment fees are their core attractions.
CMC data shows that the stablecoin market in the crypto market has reached $238 billion, dominated by Tether (USDT) and Circle's USDC. Now, this concept of "digital dollar" is triggering a chain reaction among retail, e-commerce, banking, and legislators.
Retail Giants' Layout: Walmart and Amazon's "Brand Coin" Ambitions
Amazon and Walmart are evaluating issuing their own branded stablecoins. This move can not only save billions in transaction fees, especially enabling low-cost, second-level cross-border payments, but more importantly, it opens up possibilities for enterprises to build a "closed-loop economy" where value flows freely within its ecosystem without relying on traditional banking systems.
This "corporate issuance wave" has also attracted Expedia Group and multiple international airlines, who are exploring stablecoins as a payment method, aiming to bypass expensive and high-latency cross-border payment networks.
Meta is not falling behind. Bitpush previously reported that the company is planning to launch its own stablecoin in collaboration with a stablecoin company, primarily serving international creators on platforms like Instagram, reducing payment costs and avoiding settlement barriers. For example, a Mexican creator could receive advertising fees from US brands through Meta's stablecoin without waiting for bank clearing or paying high intermediary fees.
Multinational Banks and Financial Giants Also "Competing to Issue Coins"
In traditional finance, Shopify has partnered with Coinbase, allowing its global merchants to accept Circle's USDC stablecoin through the Base blockchain. Coinbase has simultaneously launched a "crypto-native enterprise account" providing integrated services of zero-fee stablecoin deposit, custody, earnings, and exchange for startups and SMEs.
Shopify states that introducing stablecoins aims to provide a safe and efficient payment protocol for its global creators, especially suitable for regions and scenarios not covered by traditional payment systems.
Circle has become the first stablecoin issuer to go public on US stocks and has promoted USDC to 6 blockchains. The latest stop is Ripple's XRP Ledger, intending to leverage its global clearing network's low cost and high liquidity.
In Asia, Ant Group's international subsidiary is applying for stablecoin issuance licenses in Singapore and Hong Kong, planning to compliantly issue regional stablecoin products to reshape its overseas payment landscape.
Europe is not lagging behind. Societe Generale's digital asset subsidiary has issued Europe's first bank-backed dollar and euro stablecoin, CoinVertible, and will be launched on Ethereum and Solana, with BNY Mellon as the custodian, fully complying with French digital asset regulatory system.
All signs indicate that stablecoins are evolving into "enterprise infrastructure", no longer just a crypto-native tool, but a core module in major institutional financial systems.
Stablecoin Legislation: GENIUS Act Reshaping US Crypto Regulation Landscape
The US Senate recently advanced the National Stablecoin Innovation Guidance Act (GENIUS Act), providing a comprehensive regulatory framework for stablecoins. If successfully legislated, it will require stablecoin issuers to:
Full reserve support, with a 1:1 asset to issuance ratio;
Accept federal or state financial supervision;
Fulfill anti-money laundering and compliance obligations;
Regularly publish reserve audit reports.
The bill, proposed by Republican Senator Bill Hagerty, has received bipartisan support and is currently preparing for final voting. Although some worry this will destroy crypto's "decentralized" spirit, most industry insiders believe regulation is a necessary prerequisite for industry growth.
Ultimately, stablecoins are just a digital skin of dollar hegemony - changed in appearance, but unchanged in essence. Giants racing to issue stablecoins are not trying to subvert the system, but to continue dividing the cake in the new era. In this game, the true winner may have always been the dollar itself, not cryptocurrencies.
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