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- Amazon & Walmart Join Stablecoin Race, American Express Enters Crypto & More
Amazon & Walmart Join Stablecoin Race, American Express Enters Crypto & More
Also: Moody’s brings onchain credit ratings to Solana.

Welcome back!
This is J264G and this week I’ve got these titbits for you:
Stablecoin Multiplication: Amazon & Walmart explore launching stablecoins.
Crypto Ubiquity: American Express & Coinbase unveil crypto credit card.
Credit Ratings: Moody’s pilots onchain credit ratings for municipal bonds.
Recent days have seen a flurry of updated S-1 filings for Solana (SOL) spot ETFs, suggesting that a formal launch in the United States may be approaching. Should approval follow, Solana (SOL) would become the latest digital asset to gain access to mainstream investment channels.
Coinshares jumping into the Solana spot ETF race w new filing this morning. I think we are up to 8 now.
— Eric Balchunas (@EricBalchunas)
11:13 AM • Jun 16, 2025
Now, let’s jump right into this week’s newsletter!
Click on any underlined heading/hyperlink to learn more.
Spotlight
Dual Hubs
Traditional finance and crypto are converging, and stablecoins sit at the heart of this shift.
While recent attention has focused on USDC, buoyed by Circle's IPO and regulatory goodwill, Tether’s USD₮ remains the most widely used stablecoin in the world—driven by two reinforcing network effects: user adoption and deep liquidity.
Source: usdt.network
Over the past decade, USD₮ has built a vast global user base. It is broadly held across regions, particularly in emerging markets, where economic instability drives demand for stable assets. In such contexts, familiarity and local usage carry weight. Users trust USD₮ not because of brand marketing or institutional backing, but because it is what others already use. Its ubiquity generates its own credibility. This embedded network effect creates high switching costs, making USD₮ difficult to displace.
Having said that, its entrenched user base is only part of what makes USD₮ so resilient. It is also deeply integrated into both crypto markets and informal channels. It trades against nearly every major cryptocurrency and circulates through peer-to-peer networks in regions where access to traditional financial infrastructure is limited. Crucially, it can be converted into local currency with relative ease. This practical utility reinforces user confidence and supports its continued dominance.
Source: usdt.network
These two dynamics—breadth of usage and ease of movement—position USD₮ as the closest thing to a universal digital dollar.
Stablecoin adoption, however, is bifurcated.
In developed markets such as the United States, stablecoins are largely approached through the lens of fintech. The emphasis here is on incremental improvements: programmability, faster settlement, and streamlined compliance. USDC exemplifies this model. It is designed to fit within regulatory frameworks, catering to institutional preferences for oversight and transparency. Its adoption is largely top-down, embedded within formal channels of finance and technology.
By contrast, in emerging markets, the story is markedly different. Stablecoins are not innovations grafted onto legacy systems, but rather alternatives to those systems altogether. In countries facing currency depreciation, capital controls, or inflationary pressures, digital dollars offer a lifeline. They provide a stable store of value, a medium for international transactions, and in many cases, the only viable means of financial access for unbanked populations. Here, USD₮ thrives not because of policy alignment, but because of product-market fit.
This divergence suggests that the most successful fintech platforms will be those that bridge both domains. A business in Taiwan might hold USDC in its treasury to manage operations in the U.S., while leveraging USD₮ to facilitate cross-border transactions to and from Bolivia. Equally, a user in Argentina might hold USDC for savings but rely on USD₮ for remittances to friends in Nigeria.
The race to bridge Wall Street and the streets of Lagos, the trading floor and the village kiosk, is on. The global demand for digital dollars is immense; fintech platforms that meet this demand most effectively and inclusively will shape the next chapter of money.
Chart Of The Week
BULLISH: Bank of America ranks Bitcoin with the printing press, steam engine, light bulb, and internet as a once in a millennium technology. 👀
— Simply Bitcoin (@SimplyBitcoinTV)
1:50 PM • Jun 16, 2025
News Bites
Liquidity Wars: Bybit, one of the leading centralised exchanges, has announced it is incubating a new decentralised exchange—Byreal—built on Solana. The Testnet launch is scheduled for June 30 and a Mainnet debut is expected in Q3 2025.
It’s official. Byreal is here.👋🏽
Incubated by @Bybit_Official, born on @solana.
Byreal is a new onchain liquidity network for the next wave of assets — where real value is listed, discovered, and traded transparently.
— Byreal (@byreal_io)
3:07 AM • Jun 15, 2025
Stablecoin Expansion: J.P. Morgan has filed a trademark application for “JPMD,” which may signal plans to issue a U.S. dollar-backed stablecoin. The filing comes amid growing institutional interest in tokenised dollar instruments and a broader push to modernise payments infrastructure.
Stablecoin Multiplication: Interest in stablecoins shows no sign of fading, as both Amazon and Walmart are exploring issuing their own stablecoins. This comes on the heels of Bank of America’s stablecoin announcement.
European Stablecoin: Speaking of stablecoins, Société Générale has announced plans to launch a U.S. dollar-pegged stablecoin, USDCV, on Solana. If completed, the initiative would make it the first major European bank to issue such an asset on a public chain.
Crypto Ubiquity: Coinbase unveiled two significant product developments last week, both pointing toward broader adoption of crypto in consumer payments. First, Shopify will integrate USDC into its Checkout and Shop Pay offerings, streamlining stablecoin use for merchants. Second, Coinbase has launched a co-branded credit card with American Express, offering up to 4% cashback in Bitcoin on everyday purchases.
Credit Ratings: Moody’s has partnered with Alphaledger to pilot onchain credit ratings for municipal bonds, selecting Solana as the underlying blockchain. The trial marks a notable step in integrating traditional credit assessment with decentralised ledger technology. It also reflects Solana’s growing relevance in the tokenisation of real-world assets, particularly in public finance.
Deal Flow
When the Solana ecosystem moves, it moves fast.
We give capital allocators an unfair advantage: high-signal research, due diligence, and warm intros.
Drop us a line and we’ll be in touch.
Caught In 4K
Get ready for a potential Alt Coin ETF Summer with Solana likely leading the way (as well as some basket products) via @JSeyff note this morning which includes fresh odds for all the spot ETFs.
— Eric Balchunas (@EricBalchunas)
7:56 PM • Jun 10, 2025
Weekly Take
The American values of economic liberty, private property rights, and innovation are in the DNA of the DeFi, or Decentralized Finance, movement.
— U.S. Securities and Exchange Commission (@SECGov)
6:08 PM • Jun 9, 2025
Keks & Giggles
"IBM is a reliable blue chip stock and Watson is a clear leader in the AI race"
— Turner Novak 🍌🧢 (@TurnerNovak)
2:03 PM • Jun 11, 2025
And that's a wrap!
You can reach me anytime over on 𝕏.
Talk soon!
DISCLAIMER
None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. Lastly, please be advised that we discuss products and services from our partners from which our team members may hold tokens/equity.