Tokenized Shopify Launches Stablecoin Payments & JP Morgan Launch JPMD Ft. Chris Harmse and John O'Brien
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Jun 23, 2025 
Chris Harmse, Chief Business Officer at BVNK, champions the rise of stablecoins, emphasizing their transformative role in emerging markets' e-commerce. John O'Brien, CRO at DLocal, shares insights on the potential for Shopify to enable stablecoin payments, making global transactions easier. They discuss major players like Walmart and Amazon exploring their own stablecoins, and JPMorgan's pilot of a USD deposit token. The conversation touches on the importance of regulatory compliance and the future of programmable payments in streamlining corporate treasury strategies.
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Emerging Markets Prefer Stablecoins
- John O'Brien shared that many in emerging markets prefer salary payments in USDT due to local currency issues.
- Consumers face barriers like unlocalized platforms and restricted bank services, excluding them from the global financial system.
Stablecoin Programmable Payments
- Programmable payments in stablecoins enable escrow-like consumer protections embedded in smart contracts.
- This innovation mirrors traditional card chargebacks but with automated, on-chain enforceability.
Challenges of Corporate Stablecoins
- Branded stablecoins may increase friction for consumers who must acquire specific tokens to pay.
- Network effects favor widely-used stablecoins like USDT and USDC over niche corporate tokens.