Why Privately Issued Stablecoins Are Replacing Retail CBDCs: By Jason Fullam
Published . Updated .
This report is about crypto and retail and consumer goods.
Directly affected
- No company is named in this report.
Indirectly affected
- IBIT iShares Bitcoin Trust-0.7% 30d
iShares Bitcoin Trust: it follows bitcoin. Linked by “stablecoin” (crypto) in this story.
- XRT SPDR S&P Retail ETF
SPDR S&P Retail ETF: it holds retailers. Linked by “retail” (retail and consumer goods) in this story.
- COIN Coinbase Global-17.3% 30d
Coinbase Global (finance services): crypto firms' revenue moves with crypto prices and rules. Linked by “stablecoin” (crypto) in this story.
- MSTR Strategy+9.2% 30d
Strategy (finance services): crypto firms' revenue moves with crypto prices and rules. Linked by “stablecoin” (crypto) in this story.
- MARA MARA Holdings-9.9% 8d
MARA Holdings (finance services): crypto firms' revenue moves with crypto prices and rules. Linked by “stablecoin” (crypto) in this story.
- WMT Walmart+13.7% 30d
Walmart (variety stores): retailers move with shopper spending and import costs. Linked by “retail” (retail and consumer goods) in this story.
- AMZN Amazon.com-3.7% 30d
Amazon.com (catalog and mail-order houses): retailers move with shopper spending and import costs. Linked by “retail” (retail and consumer goods) in this story.
- RIOT Riot Platforms-42.2% 30d
Riot Platforms (finance services): crypto firms' revenue moves with crypto prices and rules. Linked by “stablecoin” (crypto) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| IBITNo price data for this ticker | — | — | — | — | — | — | — |
| XRTNo price data for this ticker | — | — | — | — | — | — | — |
| COINNo price data for this ticker | — | — | — | — | — | — | — |
| MSTRNo price data for this ticker | — | — | — | — | — | — | — |
| MARANo price data for this ticker | — | — | — | — | — | — | — |
| WMTNo price data for this ticker | — | — | — | — | — | — | — |
| AMZNNo price data for this ticker | — | — | — | — | — | — | — |
| RIOTNo price data for this ticker | — | — | — | — | — | — | — |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
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Why Privately Issued Stablecoins Are Replacing Retail CBDCs: By Jason Fullam Finextra Research
Source: Finextra Research
Trades by members of Congress and officials in the stocks in this story
- Rep. Rohit Khanna bought Coinbase Global (COIN) (held by a spouse), worth $1,001 - $15,000 on 4 Sep 2026. That is 57 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Gilbert Cisneros sold Coinbase Global (COIN), worth $1,001 - $15,000 on 18 Aug 2026. That is 74 days before publication. Filed 10 Sep 2026. View the filing.
- Donald J Trump, an executive branch official, sold Coinbase Global (COIN), worth $1,001 - $15,000 on 10 Aug 2026. That is 82 days before publication. Filed 8 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Strategy (MSTR), worth $1,001 - $15,000 on 10 Aug 2026. That is 82 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Pete Sessions sold Walmart (WMT) (held by a spouse), worth $50,001 - $100,000 on 2 Oct 2026. That is 29 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Jonathan Jackson sold Walmart (WMT) (jointly held), worth $50,001 - $100,000 on 28 Sep 2026. That is 33 days before publication. Filed 19 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Walmart (WMT) (held by a spouse), worth $1,001 - $15,000 on 25 Sep 2026. That is 36 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Pete Sessions sold Amazon Com (AMZN), worth $15,001 - $50,000 on 27 Oct 2026. That is 4 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Pete Sessions sold Amazon Com (AMZN) (held by a spouse), worth $100,001 - $250,000 on 2 Oct 2026. That is 29 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Amazon Com (AMZN) (held by a spouse), worth $1,001 - $15,000 on 28 Aug 2026. That is 64 days before publication. Filed 14 Oct 2026. View the filing.
- Rep. Pete Sessions sold Costco Wholesale (COST), worth $100,001 - $250,000 on 13 Oct 2026. That is 18 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Pete Sessions sold Costco Wholesale (COST) (held by a spouse), worth $250,001 - $500,000 on 2 Oct 2026. That is 29 days before publication. Filed 27 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around iShares Bitcoin Trust ETF (IBIT)
Companies mentioned with this story
- IBIT iShares Bitcoin Trust ETF
In “Why Privately Issued Stablecoins Are Replacing Retail CBDCs: By Jason Fullam,” iShares Bitcoin Trust ETF (IBIT) is linked, with no stored direction, medium confidence. Reason on file: iShares Bitcoin Trust: it follows bitcoin. Linked by “stablecoin” (crypto) in this story
- XRT Spdr Series Trust
Spdr Series Trust (XRT) is linked, with no stored direction, medium confidence in the 31 Oct 2026 story “Why Privately Issued Stablecoins Are Replacing Retail CBDCs: By Jason Fullam.” Reason on file: SPDR S&P Retail ETF: it holds retailers. Linked by “retail” (retail and consumer goods) in this story
- WMT Walmart
In “Why Privately Issued Stablecoins Are Replacing Retail CBDCs: By Jason Fullam,” Walmart (WMT) is linked, with no stored direction, medium confidence. Reason on file: Walmart (variety stores): retailers move with shopper spending and import costs. Linked by “retail” (retail and consumer goods) in this story
- AMZN Amazon Com
For “Why Privately Issued Stablecoins Are Replacing Retail CBDCs: By Jason Fullam,” Amazon Com (AMZN) is linked, with no stored direction, medium confidence. Reason on file: Amazon.com (catalog and mail-order houses): retailers move with shopper spending and import costs. Linked by “retail” (retail and consumer goods) in this story
- COST Costco Wholesale
For “Why Privately Issued Stablecoins Are Replacing Retail CBDCs: By Jason Fullam,” Costco Wholesale (COST) is linked, with no stored direction, medium confidence. Reason on file: Costco Wholesale (variety stores): retailers move with shopper spending and import costs. Linked by “retail” (retail and consumer goods) in this story
- TGT Target
In “Why Privately Issued Stablecoins Are Replacing Retail CBDCs: By Jason Fullam,” Target (TGT) is linked, with no stored direction, medium confidence. Reason on file: Target (variety stores): retailers move with shopper spending and import costs. Linked by “retail” (retail and consumer goods) in this story
- COIN Coinbase Global
For “Why Privately Issued Stablecoins Are Replacing Retail CBDCs: By Jason Fullam,” Coinbase Global (COIN) is linked, with no stored direction, medium confidence. Reason on file: Coinbase Global (finance services): crypto firms' revenue moves with crypto prices and rules. Linked by “stablecoin” (crypto) in this story
- MSTR Strategy
For “Why Privately Issued Stablecoins Are Replacing Retail CBDCs: By Jason Fullam,” Strategy (MSTR) is linked, with no stored direction, medium confidence. Reason on file: Strategy (finance services): crypto firms' revenue moves with crypto prices and rules. Linked by “stablecoin” (crypto) in this story
iShares Bitcoin Trust ETF (IBIT)
The 31 Oct 2026 story “Why Privately Issued Stablecoins Are Replacing Retail CBDCs: By Jason Fullam” names iShares Bitcoin Trust ETF (IBIT) because of this story.
The link for iShares Bitcoin Trust ETF (IBIT) is this: iShares Bitcoin Trust: it follows bitcoin. Linked by “stablecoin” (crypto) in this story
Also listed, Spdr Series Trust (XRT): SPDR S&P Retail ETF: it holds retailers. Linked by “retail” (retail and consumer goods) in this story
The price range for iShares Bitcoin Trust ETF (IBIT), and the dates in the story
IBIT traded between 44.86 and 49.39 across 20 sessions. The latest close on file is 45.71. WMT traded between 103.39 and 122.40 across 20 sessions. The latest close on file is 121.25.
What the saved facts support for iShares Bitcoin Trust ETF (IBIT)
46 out of 100
“Why Privately Issued Stablecoins Are Replacing Retail CBDCs: By Jason Fullam” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.