Sou Hu Cai Jing·2025-06-16 15:51Core Insights - Major retailers like Walmart, Amazon, and Expedia are exploring the issuance of stablecoins pegged to the US dollar to reduce cross-border payment costs significantly [1][3] - The adoption of stablecoins could disrupt traditional financial infrastructure and reshape the global retail payment ecosystem [1][3] Group 1: Stablecoin Development - Stablecoins are emerging as strong competitors to traditional cross-border payment systems due to their near-zero transaction fees and instant settlement speeds [3] - Amazon's planned shopping-specific stablecoin could bypass credit card fees of 2%-3%, while Walmart aims to introduce blockchain solutions in credit card payments [3] - The retail industry incurs over $100 billion annually in hidden costs from payment intermediaries, and the widespread use of stablecoins could unlock this profit potential [3] Group 2: Regulatory Environment - The advancement of the GENIUS Act is a critical variable, as it seeks to create a legal pathway for non-bank entities to participate in payment clearing, imposing strict conditions on stablecoin issuers [3] - Walmart's lobbying for modifications to the act reflects a desire to break the Visa and Mastercard monopoly while ensuring compliance and security [3] - Regulatory uncertainty, highlighted by warnings from the U.S. Treasury about potential financial stability threats from stablecoins, leads companies to adopt a dual approach of developing their own stablecoins while also holding compliant options like USDC [3][5] Group 3: Broader Implications - If retail giants successfully issue stablecoins, the impact will extend beyond payment systems, enabling real-time settlement of supplier payments in supply chain finance for Walmart [5] - Amazon could create a closed payment loop in cross-border e-commerce, diminishing PayPal's intermediary role [5] - This transformation may compel banks to upgrade their real-time payment networks and accelerate the Federal Reserve's exploration of a digital dollar [5] - The potential for stablecoins to be used for pricing goods in stores could signify the beginning of a profound monetary revolution in the 21st century, offering consumers lower transaction costs and more convenient payment experiences [5] Group 4: Alternative Solutions - If retail giants opt not to issue their own stablecoins, they may utilize existing compliant stablecoins like USDC or USDT [7] - XBIT decentralized exchange can provide stable trading pairs, cross-chain exchange services, and assist in managing stablecoin liquidity in secondary markets [7] - The platform's low slippage and high matching efficiency cater to large-scale payment settlement needs, while cross-chain compatibility allows stablecoins to be used in various sectors beyond online shopping, including supply chain finance and cross-border remittances [7]