Some of the largest American retailers are reportedly considering a rising form of crwyptocurrency that could help them bypass fees and delayed payments from banks and credit card networks, prompting questions for Europe's monetary policy.
Published on Sep 11,2025 at 7:26 AM | Updated on Dec 16,2025 at 11:39 AM

Major U.S. retailers such as Walmart and Amazon are exploring issuing their own stablecoins—cryptocurrencies tied to assets like the U.S. dollar—to streamline payments, reduce fees, and bypass processing delays. Travel platforms and airlines are also piloting this technology to improve transaction efficiency.

Momentum in the U.S. has accelerated sharply since the GENIUS Act was passed in July, establishing a comprehensive framework for stablecoins and signalling strong federal support for this digital asset class.

In Europe, however, regulators remain cautious. A European Parliament study suggests that dollar-backed stablecoins are unlikely to gain wide use in the eurozone without state support, as they could erode the European Central Bank’s (ECB) control over monetary policy. Still, the U.S. shift has jolted Europe into action. Officials are now exploring faster timelines for the digital euro, including the option of deploying it on public blockchains like Ethereum or Solana to strengthen circulation and usability.

Alongside this, the EU’s Markets in Crypto-Assets (MiCA) Regulation has begun to reshape the landscape: 44 crypto providers and 14 stablecoin issuers are now registered, and Germany’s BaFin has approved EURAU, the first fully regulated euro-denominated stablecoin.

The success of the digital euro is not guaranteed however. Consumer adoption will hinge on how the digital euro distinguishes itself from existing banking apps in terms of convenience, pricing, and privacy.

 

Retail adoption and the stablecoin question

 

In the retail context, while the appeal of stablecoins, with instant settlement, low fees, and platform integration, may be real, their risks and limitations are equally pressing. For now, stablecoin usage in everyday European commerce remains marginal, with most activity limited to crypto trading platforms rather than the high street.

As stablecoin innovation continues globally, particularly in the United States, European regulators face the challenge of balancing innovation with financial stability and regulatory oversight. While the potential benefits for retailers are evident in terms of efficiency and cost savings, the European context presents unique institutional and regulatory considerations. For now, stablecoin usage in retail remains limited in Europe, but both the private sector and public institutions will be closely monitoring developments. The introduction of the digital euro may further shape the landscape, offering an alternative that reflects European priorities around trust, stability, and public interest.

Photo: © Blake Wisz - Unsplash