Article: Blockchain in Plain Language
Do you remember when people used to ask, "Can you buy a cup of coffee with Bitcoin?" Today, crypto asset payments are no longer a niche scenario, but are viewed by global retail giants as the "payment method of the future".
Recent big news: Shopify has officially launched USDC stablecoin payment, with the first batch of merchants beginning testing on June 12, expected to be fully rolled out this year. Meanwhile, Amazon and Walmart are reportedly exploring issuing their own stablecoins, and even Expedia and airlines are studying crypto asset payments.
What is driving this trend? What pain points do stablecoins solve? Should banks and credit card companies be worried? This article analyzes the core reasons why e-commerce is embracing crypto assets: Is this a temporary trend or an inevitable choice?
01 E-commerce Has Long Suffered from Credit Card Fees, Are Stablecoins the Answer?
Simple fact: Payment has always been a hidden cost killer for e-commerce. Whether on Amazon, Shopify stores, or global marketplaces, each use of credit cards, PayPal, or Apple Pay incurs fees.
For example, Visa and Mastercard typically charge 2-3% fees. For each item sold, merchants have to pay this "hidden tax". Not to mention foreign exchange fees and settlement delays for cross-border orders. Traditional payment methods are undoubtedly a burden on digital commerce.
In comparison, stablecoins offer a compelling alternative:
- Real-time settlement (on-chain transactions)
- Low transaction costs (no intermediary fees)
- Cross-border compatibility (no foreign exchange hassles)
- Programmability (can be integrated with logistics and fulfillment systems)
Therefore, it's not surprising that giants like Shopify, Walmart, and Amazon are actively assessing whether they can control this value chain themselves.
02 Shopify Fires the First Shot: USDC Payment Pilot Goes Live
Among e-commerce platforms, Shopify is taking the lead. Collaborating with Coinbase, Shopify has launched USDC payment functionality based on the Base network (Coinbase's Ethereum Layer 2 network). Here's how it works:
- Customers pay using USDC 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, no crypto asset knowledge is required, and the process is fully automated. The key difference? Lower fees and faster settlement.
To attract users, Shopify even offers a 1% USDC cashback incentive. Paying with stablecoins can now earn money, directly challenging traditional payment channels.
This also demonstrates Shopify's deep insight into Web3 user behavior. Many stablecoin holders do not use credit cards or PayPal but have assets to spend. Shopify hopes to convert them into buyers.
03 Retail Giants Follow: Amazon and Walmart Join the Race
Shopify took the lead, but more symbolically, global retail giants are now taking crypto asset payments seriously. Multiple mainstream media reports:
- Walmart and Amazon are exploring issuing their own stablecoins (similar to Facebook's Libra vision)
- Expedia and airlines are also studying crypto asset payments (to simplify cross-border travel settlements)
Why are traditional giants suddenly "going all out"?
- Reduce transaction costs: Stablecoins bypass acquiring institutions, significantly reducing fees
- Accelerate settlement: From days to seconds
- Improve customer retention: Crypto asset users are more likely to support merchants compatible with their wallets
- Bypass traditional bank delays: No need to wait for bank transfers or credit approvals
In short, stablecoins solve several long-standing pain points for e-commerce. No wonder everyone is eager to try.
Global payment providers' recent public criticism of stablecoins is no coincidence—the pressure is real.
04 Crypto Asset Payments Are Not Fully Decentralized: "On-chain Payment + Off-chain Settlement" Is a Compromise
It needs to be clear 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" mode:
- Users choose USDC payment on Shopify interface (via Base or Ethereum on-chain transaction)
- Shopify receives payment, Circle converts it to fiat currency (such as USD, Euro, Yen)
- Fiat currency is delivered through traditional banking channels
Therefore, although stablecoins avoid Visa or Mastercard, the last mile still depends on banks. This is precisely what regulators are closely watching: Do stablecoins circumvent compliance? Is the clearing process transparent? How are AML and KYC handled?
Fortunately, Shopify and Circle have done their homework, and their implementation meets the current U.S. regulatory expectations for stablecoin compliance.
05 Why Are E-commerce Giants Betting on Stablecoins? Three Industry Anxieties
Let's analyze the core driving factors:
1. Cost Anxiety
Merchants are tired of paying credit card and PayPal fees. Stablecoins offer 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:
- Automated
- Borderless
- Transparent
Coinbase and Shopify's open-source protocols can directly integrate with order systems, far more concise than PayPal's traditional SDK.
3. User Anxiety
The crypto asset user group is growing rapidly, and they "have coins but nowhere to spend". Supporting crypto payments is a simple way to attract and retain this group. Additionally, it supports innovative reward mechanisms—cashback, Non-Fungible Token benefits, gamified loyalty programs.
06 Summary
Can stablecoins reshape the global e-commerce payment landscape?
Look at the current signals:
- Payment volume surge: Monthly stablecoin payment volume has increased from $2 billion two years ago to $6.3 billion, with total global transactions exceeding $9.4 billion.
- Platforms taking action: Shopify has launched, Amazon and Walmart are researching, and travel giants are preparing.
- Trend is evident: Crypto asset acceptance is rising, cross-border trade needs efficient settlement, and traditional payment systems are becoming bottlenecks.
If Bitcoin is digital gold, then stablecoins are becoming digital dollars. The e-commerce players acting first are laying the foundation for global payments in the next decade.
