for banks, fintech firms and big-box retailers, such as Amazon, to issue their own stablecoins or weave them into their current payment platforms. Some cryptocurrency and payment experts see the centralization of stablecoins as a period of significant innovation for retailers. As Catalini told Inside Retail, “Retailers will be able to offer lower-cost payments and improved reward and loyalty schemes to consumers. A significant part of the transformation will happen behind the scenes, with consumers and businesses using the same flows they use today.” However, CI&T’s global director of retail strategy Melissa Minkow cautioned that consumer interest, or lack thereof, will ultimately determine the popularity of this payment method.  What are stablecoins? Stablecoins are a type of crypto meant to hold a steady value to a fiat currency, which is a government-issued money that isn’t backed by a physical commodity like gold or silver, such as the US dollar.  For example, Tether and USD Coin (USDC) are “pegged” to the US dollar and backed one-to-one by reserves of cash or cash equivalents like short-term Treasurys, also known as Treasury Bills (T-bills). Unlike more volatile cryptocurrencies like Bitcoin, which can fluctuate in value dramatically, stablecoins aim for price stability, which makes them useful for everyday transactions and digital payments. Catherine Henry, the managing principal of innovation strategy for software engineering firm EPAM Systems, said these currencies would be “more like game tokens, like Roblox” than Facebook’s attempt at a new currency. Using big-box retailer Costco as a hypothetical example, Henry said that “‘Costco Coins’ could be used in physical stores, or online on a wide array of items, including streaming services. Unlike non-fungible tokens (NFTs), however, these tokens aren’t about developing loyalty or engagement. They’re merchant instruments that lower retail costs. That would enable retailers to lower prices for token holders or members.” Several major players within the retail industry have already started exploring stablecoins.  Retailers stepping into the stablecoin station  On June 12, Shopify announced that it had already started allowing customers to pay with USDC. “Bringing stablecoins to Shopify means redesigning payment systems to address real-world commerce needs. Merchants need payment systems that can handle complex transactions and checkout steps like tax finalization and inventory reservation,” the commerce platform stated in a news release.   “By embracing stablecoins, merchants aren’t just adopting a new payment method, they’re tapping into global markets, opening the door to global customers, and joining the future of borderless, accessible commerce.”   Meanwhile, Amazon and Walmart both recently announced plans to explore using stablecoins to streamline payments and reduce transaction fees for consumers. Carlos Netto, the CEO of fintech company Matera, theorized that retail players will soon start offering consumers special promotions to encourage and normalize the use of stablecoins.  “When payment methods reduce fees for merchants, they’re willing to pass those savings on to customers. It’s easy to imagine Amazon or Shopify sellers offering similar 10 per cent-plus discounts in the US for payments made with stablecoins – at least temporarily – to encourage adoption,” Netto commented. Will stablecoins be a firm reality for retailers? Catalini believes that stablecoins and other forms of cryptocurrency will eventually become just another method of retail payment, like cash.  “Consumers and businesses will see digital balances and will be able to use and spend these new assets the same way they move money today,” Catalini stated.  However, CI&T’s Melissa Minkow raised several potential risks for retailers. “I honestly don’t anticipate much impact to the retail world, as I don’t think stablecoins are a smart move for most retailers,” Minkow told Inside Retail. “Consumers are already in a very fragile state when it comes to confidence and trust. Adding a new currency into the mix isn’t going to be something that most consumers would be interested in.” She noted that retailers like Amazon are extremely experimental in nature, so she wouldn’t be surprised if the big-box retailer were to test stablecoin payments in the near future.  However, she noted that adoption will require “extensive resources and effort, and I just don’t see much payoff. I’ll be very curious to see how far these initiatives go because I’m quite skeptical.” Current consumer sentiment surrounding stablecoins  Some studies show that crypto ownership has become much more normalized in the US.  According to the 2025 State of Crypto Holders Report by the National Cryptocurrency Association, 21 per cent, or one in five American adults, roughly 55 million people, own at least some crypto. The report also found that 39 per cent of all crypto holders reported using cryptocurrency to shop for goods and services; of these, 96 per cent did so at least once a year. Additionally, a Capital One survey released at the end of 2024 revealed a strong desire by consumers to buy goods with crypto. Nearly 65 per cent of consumers surveyed said they would like to be able to make payments with cryptocurrency, with 80 per cent of them saying they’re interested in using crypto to purchase daily retail consumer goods, according to the survey. Capital One’s survey also noted that 55 per cent of crypto-owning consumers would choose an e-commerce store that accepts cryptocurrency over a comparable online retailer that does not. Shane Rodgers, an advisor to PDX GlobalPay, the developer of the PDX Beam crypto payment platform, stated, “Cryptocurrencies are here to stay. Those retailers who get on board now with a cost-effective crypto conversion platform will reap the benefits of early adopters.” Further reading: Off-White is now letting customers pay with cryptocurrency. Here’s why