Stablecoins as the New Payment Standard
From Plastic to Programmable: How Payments Are Changing
The story of payments is the story of progress. From barter and banknotes to magnetic strips and mobile apps, our means of exchange have evolved alongside technology and customer expectations. Over the last few decades, we’ve transitioned from the friction of cash to the speed of card rails, then to the convenience of mobile wallets and real-time payments. However, we’re now witnessing a new leap, one that not only speeds things up but also fundamentally changes what payments are. This leap is powered by stablecoins: digital, programmable currencies that settle instantly and operate across borders, around the clock.
Unlike previous innovations, which often focused on the user experience, i.e. tap-to-pay or one-click checkout, this stablecoin shift cuts deeper. Stablecoins simultaneously represent a new form of money, a new payment instrument, and a new payment rail, and this transformation plays out across three dimensions:
The Threefold Shift of Stablecoin: Money, Rail, Instrument
- A New Form of Money: Stablecoins are digital-native representations of fiat currencies, designed for programmable and global use. Unlike traditional digital money locked in bank accounts, stablecoins can move across platforms, wallets, and geographies without needing central clearing or business-hour restrictions. They’re “always-on” money, built for the internet era.
- A New Payment Instrument: Stablecoins can be held in mobile wallets, loaded onto crypto-linked cards, used via QR codes, or triggered programmatically via APIs. They’re usable by consumers, platforms, and machines alike, expanding the definition of who and what can initiate a payment.
- A New Settlement Rail: At their core, stablecoins move on blockchain rails like Ethereum, Solana, and others, settling transactions in seconds with transparent, final confirmation. This bypasses traditional banking and card network systems, enabling 24/7 global value transfer with minimal friction and without relying on correspondent banking and payment network layers.
It Takes a Stack to Change Payments
Behind this adoption wave is something remarkable: the payment stack is aligning. The ecosystem is coming together, from e-commerce platforms and payment processors to card networks and banks, to support stablecoins at scale.Â
Here’s how each layer is embracing stablecoins:
Big Tech & Platforms:
Amazon and Walmart are assessing stablecoins for supplier payouts and marketplace settlements, catalysed by the regulatory clarity brought by the U.S. GENIUS Act. Uber is exploring stablecoins for driver remittances across 70+ countries. Shopify partnered with Stripe and Coinbase to enable stablecoin payments for merchants globally, while Meta and SpaceX are trialling them for cross-border payments and Starlink billing, respectively.Â
Payment Processors:
Stripe rolled out stablecoin accounts in 101 countries and acquired Bridge to power stablecoin-linked cards with Visa. Worldpay partnered with BVNK and Solana to offer low-fee payouts. PayPal’s PYUSD now earns 3.7% APY and integrates with Stellar and Coinbase. Fiserv launched FIUSD on Ethereum, designed for real-time settlement between banks and merchants.
Card Networks:
Visa-enabled stablecoin-linked cards and joined the Global Dollar Network. It also piloted CBDC-stablecoin swaps and cross-border payouts with Yellow Card. Mastercard partnered with Circle, MetaMask, and MoonPay to support stablecoin payments and treasury use cases. Its partnership with Fiserv pushes FIUSD into card-based ecosystems, standardising settlement.
Banks & Institutions:
J.P. Morgan launched JPMD, a deposit token; Société Générale issued a USD-backed stablecoin; and First Abu Dhabi Bank is developing a Dirham-backed token. In Japan, MUFG, SMBC, and Mizuho formed Project Pax for cross-border stablecoin use. Standard Chartered is developing an HKD stablecoin, and BNY Mellon and ANZ are enabling on-chain settlements and advanced reconciliation use cases.
The Layered Future of Stablecoins
Stablecoin adoption is unfolding layer by layer. Each part of the payment stack is moving at its own pace, but all are moving in the same direction. Big Tech platforms are embedding stablecoins into commerce flows and customer experiences. Payment processors are wiring them into merchant payouts and checkout rails. Networks are building the compliance and interoperability frameworks that will make these tokens usable at scale. And banks are turning stablecoins into regulated instruments backed by legal and institutional credibility. The progression may look uneven, but the effect is cumulative. As the pieces fall into place, the shift will happen at first gradually, and then suddenly.
Stay tuned with us at Whitesight as we track the stablecoin shift in real time.
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