Amazon, Walmart and the rise of stablecoins: who's next?

Money in the US has always been an evolving entity - from the Colonial notes issued in 1690 to the adoption of the $ symbol in 1785, American currency has continually adapted to meet new demands. During the Civil War, the US government introduced Demand Notes which were redeemable in gold or silver. These paper instruments, backed by tangible value, offer a historical comparison to modern-day stablecoins such as Tether Gold (XAUT), USDC and Paxos Gold (PAXG) which are tied to physical assets and designed to provide financial stability in the digital age. Fast forward to 2025, and retail giants such as Amazon and Walmart are preparing to revolutionise payments through stablecoins. These digital tokens, typically backed by fiat currencies or commodities, promise faster settlement, lower costs and fewer intermediaries. With mounting interchange fees and growing FinTech competition, stablecoins could significantly disrupt the established dominance of Visa and Mastercard. In effect, stable…