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Crypto, in the form of stablecoins, is set to meaningfully disrupt digital commerce. But wait, cryptocurrencies have been a part of the e-commerce landscape for over a decade, right? That’s true. Overstock.com, for one, began accepting bitcoin as a form of payment in 2014. Hundreds of other businesses, from Ikea to the Dallas Mavericks, accept bitcoin and other cryptocurrencies as a form of payment. However, brands and retailers derive only a fraction of their revenue from crypto transactions.
That’s because cryptocurrencies are volatile. They’re subject to rapid price fluctuations, which can be significant in the time it takes to settle a single bitcoin transaction. Subsequently, most crypto investors treat cryptocurrencies more like commodities than traditional currencies.
For instance: If you had purchased a $20 welcome mat with bitcoin in 2014, you would have spent the equivalent of $3,950 at its current valuation in July 2025. That same $20 adjusted for inflation would be $27.39. Whoa, that had better be some welcome mat.
Enter the stablecoin.
What are stablecoins?
As their name implies, stablecoins are designed to bring stability to crypto transactions. They maintain a fixed value by tying their worth to an external asset or financial instrument. These assets can be fiat currencies like the dollar, commodities like gold, or more exotic financial products like other cryptocurrencies.For our purposes, we’ll stick to those pegged to the dollar. For these types of stablecoins, each coin is backed by an equivalent amount in U.S. dollars. So, one stablecoin equals one dollar. Stablecoin issuers often back their coins by purchasing short-term U.S. treasury bills, rather than parking their assets in a bank.
Like other cryptocurrencies, stablecoin transactions are tracked on blockchains, which are decentralized ledgers that provide transparency by accounting for every transaction in publicly accessible databases. This ledger allows two parties to interact directly without the need for a third-party intermediary.
Because they offer a more predictable store of value, stablecoins are better suited for everyday transactions, and also have been popular for cross-border remittances, as is often the case when foreign workers send money to their home countries.
Of course, this isn’t a public service. Stablecoin issuers make money from the interest paid on their treasury holdings, as well as through typically small transaction fees charged to end users.
For the bigger established players, like Coinbase, this translates to billions of dollars in revenue per year.
Moving up in the payments world
Governmental regulation has helped propel stablecoins into the mainstream. This may seem counterintuitive, given that the entire concept of cryptocurrencies was built on decentralized networks that operate outside the confines of traditional financial markets (and organizations).
However, the guardrails put in place by government, such as the recently passed GENIUS Act in the United States, have added to the credibility and legitimacy of stablecoins. (Equally important, this legislation also ensures that there will be no punitive regulation of cryptocurrencies in the near term.)
Now, many of the biggest corporate players, inside and outside the financial industry, want in and are racing to refactor their payment strategies. Why? Let’s count the ways.
Jumping on the bandwagon
Incumbents in the space like Coinbase, as well as companies like Kraken, Robinhood, and Circle are positioned to immediately benefit from this crypto-friendly regulation. But that’s only the beginning.
Before the U.S. legislation was even signed into law, a wide range of companies expressed interest in potentially issuing their own stablecoins. The list includes payment networks Visa and Mastercard, banks such as JP Morgan and Bank of America, and retail giants Walmart and Amazon.
This boils down to the peer-to-peer nature of stablecoin transactions. If a merchant can do business directly with a customer (whether that’s a business or a consumer), it threatens to upend a staple of both in-person and digital commerce transactions: credit-card swipe fees.
And the winners (and losers) are: What Stablecoin means for the future of commerce transactions
In 2024, the average credit card swipe fee rate was 2.35% for a total of $187.2 billion, according to the Merchants Payments Coalition. That paints a clear picture of what is up for grabs as well as potential winners and losers.
- Loser: Legacy payment networks – Visa and Mastercard control over 80% of the credit card payment market. Any significant changes in business or consumer payment habits would upend business-as-usual and force these businesses to recalibrate… likely by launching their own stablecoins.
- Winner: Big banks – Banking giants are now free to launch their own stablecoins and directly compete with the legacy payment networks, creating new revenue streams.
- Winner: Global retailers – Hefty capital requirements to launch a federally regulated stablecoin (in excess of $10 billion) create a significant barrier to entry for most retailers. However, the potential to cut their effective swipe fee rates through direct transactions presents significant upside for the largest retail brands.
- Loser: All other merchants – Small and mid-size merchants will still be subject to third-party payment networks regardless of payment method, putting them at further disadvantage compared to their larger peers.
- Winner AND Loser: Consumers – Welcome to the world of hot wallets and cold storage. The potential for new payment methods and lower cost transactions exists. However, the complexities of purchasing, storing, and using stablecoins will prevent mainstream consumer adoption of stablecoins in the near term.
Stablecoins have the potential to usher in the 2.0 era of cryptocurrency in commerce. When and if they will become the new coin of the realm is open for debate, if you know what I meme. 😉