Before the Civil War, the U.S. did not issue paper currency. Banks issued their own currency but it was a problem if a person traveled. The U.S. first issued paper legal tender in 1862, during the Civil War.
Of course, the value of the USD declines with inflation as the Federal Reserve issues more fiat currency. I like “Forever” stamps because I know they will hold their value – one stamp will mail one letter regardless of whether the U.S. Postal Service raises prices.
Stability is good. Even crypto currency speculators are finding value in crypto stablecoins.
https://www.wsj.com/finance/banking/walmart-amazon-stablecoin-07de2fdd?mod=finance_lead_pos3
Walmart and Amazon Are Exploring Issuing Their Own Stablecoins
Corporate coins could take payments activity away from banks and the traditional financial system
By Gina Heeb, AnnaMaria Andriotis and Josh Dawsey, The Wall Street Journal, June 13, 2025
Key Points
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Stablecoins could save merchants billions in fees and offer quicker payment processing.
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Decisions hinge on the Genius Act’s regulatory framework for stablecoins, currently debated in Congress.
Some of the biggest merchants are exploring how to issue or use stablecoins, potentially shifting the high volumes of cash and card transactions that they handle outside the traditional financial system and saving them billions of dollars in fees…
A move to launch a crypto-based payments system by Walmart or Amazon that bypasses the traditional payments system would send shivers through the nation’s banks. [And credit card companies such as VISA. – W]…
Stablecoins could allow merchants to circumvent traditional payment rails, which cost them billions of dollars in fees each year, including the interchange fee they pay when customers make purchases using their cards.
Payments can take days to settle, delaying the time it takes for merchants to receive the proceeds from sales. Stablecoins offer the possibility for a quicker process. They could be of particular interest to merchants with suppliers who are located abroad… [end quote]
This is a situation where technology could advance greater competitiveness. It’s a way for crypto to enter the daily economy. I would trust a stablecoin from Amazon or Walmart more than one from an unknown company.
Wendy