A Few Questions Worth Asking:

• Why did the New York Times suddenly report that the Gates Foundation, a major donor in the Arabella network bankrolling leftist causes (color revolution-style operations), severed ties in late August?

• Why was The Atlantic, a leftist mouthpiece, forced to admit that left-wing terrorism and extremism “is on the rise”?

New York Times

The Atlantic

The NYT’s coverage of the Gates Foundation’s severing ties with the Arabella network (read report) may signal to other leftist billionaire donors and dark-money groups that some of the largest backers of the permanent protest-industrial complex against President Trump are quietly reassessing their ties as a White House enforcement period nears. After all, no billionaire or their prized nonprofits want to be slapped with RICO charges or providing “material support” to domestic terrorists by funding rogue NGOs subverting the nation.

When an anchor donor like the Gates Foundation withdraws so abruptly, others often follow suit. Another reason may be that the Arabella network funneled at least $114.8 million (as per a Peter Schweizer & Seamus Bruner report) to “No Kings” protest organizers and affiliates that smeared Trump and his supporters as “fascists” while normalizing hate rhetoric and even assassination culture within the Democratic Party.

Here is the roadmap to Charlie Kirk’s assassination… pic.twitter.com/S4JPbPiFy8

— James Woods (@RealJamesWoods) September 12, 2025

In fact, the folks behind No Kings are plotting the next color revolution-style operation. 

The group is Indivisible, it’s gotten over $7 million directly from Soros in recent years, it’s the biggest protest organizer in the country, and it serves as the main synthetic top-down vehicle to astroturf and coordinate huge pools of NGOs and unions so they look “spontaneous” pic.twitter.com/Hh7JiLlHH1

— Mike Benz (@MikeBenzCyber) September 24, 2025

The latest string of far-left attacks across the nation in what civil terrorism expert Jason Curtis Anderson calls “nihilistic accelerationism” suggests that “Far-left extremism extends far beyond groups like Antifa. There is an entire revolutionary (marxist) ecosystem of interconnected entities: billion-dollar progressive NGOs, anarchist networks, political organizations such as the DSA, foreign influence operations like the Singham network, gaming platforms, Discord servers and reddit threads, the dark web, and even civil-rights organizations staffed with “movement lawyers” fully dedicated to waging war against the West until it collapses.”

Recall the FBI is investigating the Armed Queers Salt Lake City after the Kirk political assassination.

This group of Marxist radicals had an apparent obsession with the No Kings protest and the 50501 movement … Not a good look for the Arabella Network and the Gates Foundation. 

The Atlantic’s admission that left-wing terrorism is “on the rise” marks yet another crack in the deep-state narrative that supposedly hate and violence were emanating from the right. That was all mallarky.

Even the Atlantic couldn’t help itself spewing hate… 

Both revelations surfacing one after the other come as President Trump’s team threatens the Soros Foundation with RICO charges, declared war on radical left groups, and labeled Antifa a domestic terrorist group. 

All in just a few weeks. 

Let it be known that Democrats are fueling violence and hate through their politicians, NGOs, and armed wings of the party, which are openly “planning war against fascists.” The same party that spent the last decade labeling Trump and half the country as “fascists” and “nazis” has promoted assassination culture. Why is that? 

Well. 

The Trump admin should be focused on “dismantling” and “disrupting” these radical leftist NGOs that sow chaos nationwide. It’s not Trump that creates chaos, but these NGOs and woke warriors. Attention is also turning to foreign entities, such as the Neville Roy Singham NGO empire.

Authored by Michael Snyder via The Economic Collapse blog,

We sure have seen a lot of really crazy things happen so far this year. But in the minds of most Americans, there is one crisis that far outweighs everything else. As I have been documenting for years, our standard of living has been collapsing as the cost of living has risen must faster than our incomes have.

As a result, 67 percent of U.S. workers are now living paycheck to paycheck.

We are in the midst of the worst cost of living crisis in modern history, and Statista has found that Americans consider it to be the biggest challenge that they are facing by a very large margin…

Those results are stunning.

The cost of living won this survey in a blowout, but that shouldn’t be a surprise to any of us.

There are countless videos on social media where ordinary Americans are complaining about how oppressive the cost of living has become.  Zac Rios has compiled some of the most poignant videos that have been posted lately, and when you watch them back to back it really is heartbreaking…

This is what life is like in America in 2025.

And as economic conditions continue to deteriorate, it is going to get even worse.

Are you ready for that?

Many Americans are going deep into debt in a desperate attempt to stay afloat, and one recent survey found that nearly half of all Americans now worry about debt every single day…

Debt weighed heavily on daily life for many participants. Just under half (46.5%) said they worry about debt every day. Half admitted to avoiding their bank statements, a behavior that could worsen financial problems by delaying action.

Shame was another theme. More than half of respondents (54.6%) said they felt embarrassed about their debt, even though nearly everyone surveyed (98%) reported owing money.

When asked about specific concerns, the most common answers included falling behind on payments (53.7%), not having enough for retirement (53.7%), discovering higher balances than expected (53.5%), losing homes or belongings (53.3%), and leaving little to children (51.8%).

It is easy to tell people that they should get out of debt.

But for the two-thirds of the country that is living paycheck to paycheck, there is never an opportunity to get ahead of the game.

And a lot of people that are living on the financial edge are now losing their jobs.

During the second quarter of this year, a whopping 17 trucking and logistics companies went bankrupt…

At least 17 trucking and logistics companies filed for bankruptcy in the second quarter of 2025 alone, Equipment Finance News reported.

While dry van truckload contract rates were flat in the first half of 2025 from the same period a year ago, as FreightWaves reported, trucking spot rates, which shippers pay carriers for a one-time shipment, however, finished the first half below year-over-year levels.

Long-haul truckload demand reportedly plummeted by 25% in the first half of 2025, with trucking becoming more of a short-haul delivery method for the final leg of freight movement.

At this moment, we are in a trucking recession.

If the economy was moving in the right direction, that would not be happening.

The retail industry is experiencing a tremendous amount of pain as well.

This may be difficult to believe, but the largest shopping mall in San Francisco is now 93 percent empty…

The largest shopping mall in San Francisco is now reportedly 93% vacant and has seen its value plunge by 25% over the past year, as high rents and retail crime continue to batter the Northern California city.

A new appraisal has slashed the value of San Francisco Centre, located at 865 Market Street, to $195 million, which is a 25% decrease since August 2024 and more than $1 billion below its valuation in 2016, the San Francisco Chronicle reported, citing research from Morningstar.

The 1.4 million-square-foot mall has become largely deserted, with 93% of its property now empty, according to the San Francisco Chronicle.

I haven’t written about it for a while, but our rapidly growing commercial real estate crisis is reaching a crescendo.

As large numbers of commercial mortgages go bad, many of our financial institutions suddenly find themselves in very hot water.

Meanwhile, a residential real estate crisis is quickly developing.  In some of the markets that were once the hottest, condo prices have begun to crash…

Condo prices in Killeen, TX, a little over an hour north of Austin, have collapsed by 40% since the peak in mid-2022 and have given up the entire 52% spike from mid-2020 to mid-2022, plus some. The spike had been driven by FOMO-madness and the Fed’s Free Money policies. This is one of the fastest-growing cities around; its population has surged by 35% in the past 15 years to 160,000 in 2024.

But Killeen and other cities like this with condo markets in free-fall don’t qualify for our list here because they’re too small.

Several additional cities made it onto this list because the August price drop brought the total price drop from the peak to 12%, including Phoenix, AZ, and Orlando, FL.

In so many ways, it is starting to feel like 2008 all over again.

Of course it isn’t just the U.S. that is experiencing significant economic pain.

Earlier today, I came across an article that was posted on Zero Hedge that warned that “the collapse of the German economy continues unabated”…

The collapse of the German economy continues unabated. The German Engineering Federation (VDMA) now expects a dramatic decline in production this year and lashes out at the federal government.

A rebound in the German economy this autumn has failed to materialize. Just a week ago, the Federal Statistical Office revised the country’s GDP decline for Q2 2025 from –0.1% to –0.3%. Now, the German machinery association follows suit with its forecast for the full year, confirming the ongoing downward trend in production: “We had previously expected a decline of 2 percent, now we anticipate minus 5 percent for 2025,” says VDMA President Bertram Kawlath, who expects production to grow by just 1 percent in 2026. Was 2025 really the trough?

I have been watching Germany for quite some time.

This is not a good sign at all.

I will probably have much more to say about the deteriorating situation in Europe in future articles.

At this stage, the entire global economy has reached a critical tipping point.

It certainly wouldn’t take much to push us into a worldwide economic nightmare, and I am expecting so much chaos in the months ahead.

A lot of people out there seem to think that they have no need to prepare for what is coming.

They are wrong.

Yes, things are bad now, but what is on the horizon is going to be much worse.

So I would encourage you to do what you can to get prepared, because the collapse of our standard of living is only going to escalate.

Michael’s new book entitled “10 Prophetic Events That Are Coming Next” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.

Now that it is literally a ward of the state,  the once iconic chip giant Intel – which was so close to collapse in recent months, the US government had to be gifted a 10% stake just to backstop it – has approached Apple about securing an investment in the ailing chipmaker, Bloomberg reported citing people familiar, part of renewed efforts to bolster a business that’s now partially owned by the US government.

Apple and Intel also have discussed how to work more closely together, which is somewhat awkward after Apple dumped Intel five years ago, when it switched to producing its own more efficient chips. 

The talks have been early-stage and may not lead to an agreement, the reports said.

Any deal would follow a $5 billion investment last week by Nvidia (one which we correctly anticipated over a year ago), which plans to work with Intel on chips for personal computers and data centers. SoftBank also announced a $2 billion investment in Intel last month. 

A deal with Apple – which as noted was a longtime Intel customer that switched to in-house processors in the past five years – would represent further validation of the chipmaker’s turnaround bid. Still, even Bloomberg admits that it’s unlikely that Apple would switch back to Intel processors in its devices, unless of course there is substantial strongarming by the Trump admin behind the scenes. The iPhone maker’s most sophisticated chips are now produced by partner Taiwan Semi and are much more powerful and energy efficient than comparable offerings by Intel, whose chips in recent years have tended to be energy-gobbling battery drains. 

Intel’s new CEO Lip-Bu Tan is attempting a comeback with the backing of the federal government. In an unconventional deal brokered by the Trump administration in August, the US acquired a roughly 10% stake in the chipmaker. Intel is seen as a critical piece of efforts to reinvigorate domestic production, a priority for the White House. 

Apple, meanwhile, has sought to show that it’s investing in the US — even as much of its production remains overseas. At a White House event in August, the company announced plans to spend $600 billion on domestic initiatives over a four-year period, up from a previous pledge of $500 billion. The centerpiece of the expansion was a $2.5 billion investment in Corning, Apple’s longtime glass supplier.

In an interview with CNBC’s Jim Cramer, Apple CEO Tim Cook said the investments would encourage other companies to add US production, creating a “domino effect.”

Shares of Intel rose as much as 8% to $31.70 in New York after Bloomberg News reported on the discussions. Apple was down less than 1% at $252.29.

With a five-year statute of limitations about to expire next Tuesday, Former FBI Director James Comey is expected to be indicted in the Eastern District of Virginia for lying to Congress during his Sept. 30, 2020 testimony, several outlets have reported. 

The news comes days after President Donald Trump knocked AG Pam Bondi for inaction against perpetrators of the ‘Russia hoax.’

In a Saturday post to Truth Social, Trump slammed Bondi over three people who have committed alleged crimes and not faced criminal charges;  Sen. Adam Schiff (D-CA), New York state Attorney General Letitia James; and former FBI Director James Comey.

“JUSTICE MUST BE SERVED NOW!!!” Trump wrote, citing unspecified “statements and posts” he’d read concluding that the trio are “guilty as hell, but nothing is going to be done.”

HUGE! MSNBC announces that former FBI Director James Comey is expected to be indicted in the coming days. pic.twitter.com/m1yIOAZWQn

— Cash Loren (@CashLorenShow) September 24, 2025

According to MSNBC‘s Ken ‘deep state’ Dilanian, “The full extent of the charges being prepared against Comey is unclear, but the sources believe that at least one element of the indictment — if it goes forward — will accuse him of lying to Congress during his testimony on September 30, 2020 about whether he authorized a leak of information.”

Developing…

*  *  * Steak lovers, now’s your chance – FREE SHIPPING THIS WEEK ONLY *  *  *

Recommended:

Steak Lover’s Bundle – giant steaks with superb marbling

Sunday Supper Revival SOLD OUT – try Great American Grill Out instead

If you’re on the fence, we encourage you to check out Beck and Elkins grass-fed / grass-finished, clean beef. We think you’ll be amazed. 

The state of California has projected an image of economic superiority for many years that is simply a facade.  Much of the state’s GDP (the go-to stat used by Governor Gavin Newsom to deflect any criticism of fiscal mismanagement) is based on a large proportion of federal funding, state welfare spending and a handful of large corporations that are now leaving for greener pastures in red states.

The corporate exodus has been taking place for at least a decade, but it accelerated during the pandemic lockdowns and has not abated since.  It would appear that Newsom has finally recognized that his economic position is tenuous at best.  His latest “charm offensive” is designed to entice oil companies to stay in the Golden State, with legislation to increase domestic oil production in California through new drilling permits and rehabilitating a defunct offshore pipeline.

The bill will allow for 2000 new oil permits a year over the next 10 years.

Oil company executives, however, are not impressed with the offer.  They refer to doing business in California as “25 years of tyranny” and give a number of reasons why they are unlikely to stay.

First and foremost is California’s cap and trade laws, which heavily regulate carbon emissions (which have nothing to do with climate change).  Cap and trade programs raise costs for oil companies by requiring them to hold pollution permits for their emissions, which can be purchased at auction or from other companies. These costs contribute to higher fuel prices for consumers.

In the same bill that opened up the state for increased oil permits, there is a provision to extend cap and trade on greenhouse gases until 2045.  In other words, oil companies can drill more in California, but they’re going to have to pay out the nose for every single new well they drill. 

State leaders triumphantly celebrated what they declared a historic agreement that they said gives Californians the best of both worlds – stable gas and electricity prices as well as progress toward the state’s ambitious climate goals. But the celebration is premature.  

In 2023, Newsom went after “big oil” with a bill meant to monitor and penalize oil companies for “price gouging”.  The law was a propaganda stunt that scapegoated the oil industry for high prices that were actually caused by rising inflation and California’s militant gas taxes. 

Oil industry leaders say they can’t find employees willing to move to California, due to the politics of the state, the extremely high taxes and the overall cost of living including some of the highest housing prices in the nation.   Andy Walz, Chevron’s president of Americas products, says:

“It’s a tough place to recruit people,” he said. “It’s a tough place to move employees – a lot of our employees move up through the company, they gain experience in different geographies, different locations, and we have a lot of people who will not move to California. That makes it difficult.”

Californians are paying $4.65 for a gallon of regular gasoline while the national average is $3.17 per gallon, according to AAA. 

There are 13 refineries currently in operation in the state. When Valero and Phillips 66 shut down theirs, that number will be down to 11. The state had 40 refineries in 1983. Due to the exodus, California has had to rely on foreign sources for three quarters of its oil.

Newsom claims the new permits will stabilize gas prices by increasing in-state oil production, but this assumes that oil companies are willing to stay and operate under cult-like climate pressures.  In reality, California’s desperate bid to keep these companies around is doomed to failure.

Update (1013ET):

A shooting at an ICE facility in Dallas left two detainees dead and one critically wounded earlier, according to NBC News, citing an ICE spokesperson. No ICE agents were harmed in the sniper attack, though the suspected gunman died by a self-inflicted gunshot wound. 

Homeland Security Secretary Kristi Noem confirmed:

There was a shooting this morning at the Dallas @ICEgov Field Office. Details are still emerging but we can confirm there were multiple injuries and fatalities.

The shooter is deceased by a self-inflicted gunshot wound.

While we don’t know motive yet, we know that our ICE law enforcement is facing unprecedented violence against them. It must stop.

There was a shooting this morning at the Dallas @ICEgov Field Office. Details are still emerging but we can confirm there were multiple injuries and fatalities.

The shooter is deceased by a self-inflicted gun shot wound.

While we don’t know motive yet, we know that our ICE…

— Secretary Kristi Noem (@Sec_Noem) September 24, 2025

Around 0700 local time, the suspected shooter opened fire on a Dallas ICE facility from an adjacent building, in what some local media outlets described as a “sniper” attack.  

The Dallas ICE facility appears to have an apartment building directly adjacent with clear views down to the rear of the building.

This cannot be safe for ICE agents given the current wave of political violence against them. pic.twitter.com/owkSyRTnjg

— Ryan Arthur (@Ryan_Arthur_xyz) September 24, 2025

Police said the investigation is ongoing and a media briefing will occur later today. The motive remains unclear.

Vice President JD Vance wrote on X, “The obsessive attack on law enforcement, particularly ICE, must stop. I’m praying for everyone hurt in this attack and for their families.” 

Journalist Andy Ngo noted, “This is the second shooting attack on an ICE facility in Texas. The other one, an ambush attack in July, was allegedly committed by a North Texas Antifa cell.” 

*   *   *

Local media in Texas reports three people were critically wounded at an Immigration and Customs Enforcement facility in the Dallas metro area early Wednesday. 

Sources tell WFAA that a “possible sniper or multiple shooters” on a nearby roof targeted three people who were wounded at the ICE facility on 8101 North Stemmons Freeway in Dallas, just off Interstate 35E. 

Sources confirmed to the local outlet that the “shooter was found dead on the roof of a nearby immigration attorney’s office.” 

“Three people were injured at a Dallas ICE facility on Wednesday morning and police are searching for a possible sniper or multiple shooters, police sources tell WFAA,” the outlet wrote on X. 

Three people were injured at a Dallas ICE facility on Wednesday morning and police are searching for a possible sniper or multiple shooters, police sources tell WFAA.

Read more: https://t.co/lbgyCMdTsK pic.twitter.com/CHvGtGNOvN

— WFAA (@wfaa) September 24, 2025

Here is what’s known so far:

• Victims: Three people were critically wounded.

• Shooter: One gunman was found dead on the roof of a nearby immigration attorney’s office. Authorities are still investigating whether others may have been involved.

• Location: The incident happened around 7 a.m. at the ICE office at 8101 North Stemmons Freeway, near I-35E.

• Response: Police and emergency crews remain at the scene, with Texas Department of Transportation cameras showing dozens of vehicles lining the access road.

Fox News confirms shots were fired into the ICE facility, more specifically into an office area where detainees are brought in.

🚨 JUST IN: Acting ICE Director Todd Lyons says shots were fired INTO the ICE office in Texas, where detainees are brought in.

All ICE employees are ACCOUNTED FOR. There are confirmed fatalities. Victims appear to be detainees. pic.twitter.com/hSKR5cpZaW

— Eric Daugherty (@EricLDaugh) September 24, 2025

This shooting comes shortly after the Trump administration designated the leftist group Antifa as a domestic terrorist organization and declared war on leftist NGOs sowing chaos.

Democrats and their allied leftist groups have fueled toxic and harmful rhetoric against federal agents, whether it’s ICE or Border Patrol, as well as everyday Americans, calling anyone they disagree with “Nazis” or “Fascists,” which only normalizes assassination culture. 

The wave of violence – and even terrorism – emanating from the Democratic Party is a serious threat that must be addressed.

Given multiple ICE attacks by radical leftists in the state and elsewhere this year, the question now is whether Antifa or an affiliated group carried out this latest attack. No updates on the shooter have been released so far, other than confirmation of a self-inflicted gunshot wound.

Pattern of violence … 

Now, possibly this? 

This is very interesting. A major Muslim Brotherhood official was just detained by ICE in Dallas, Texas yesterday.

Hours later, 3 people have just been shot at an ICE facility in Dallas, Texas.

Was this an Islamic terrorist attack on an ICE facility? https://t.co/FPfx4fgSt8

— Laura Loomer (@LauraLoomer) September 24, 2025

Watch: Fox 4 Dallas has a live feed of the incident area. 

*Developing… 

With mortgage rates lower (but rising very recently), and mortgage applications spiking (though flat this week), and following record July cancellations, new home sales were expected to decline very modestly in August. The analysts could not have been more wrong as new home sales exploded 20.5% higher MoM (-0.3% exp) and are up 15.4% YoY.

That is the biggest MoM spike since August 2022…

Source: Bloomberg

The total new home sales SAAR surged to 800k (its highest since Dec 2021) and completely decoupled from existing home sales…

Source: Bloomberg

The surge was driven almost entirely sales in the South region…

Source: Bloomberg

The median new home price rose 1.9% y/y to $413,500 (average selling price at $534,100).

But, even with the jump in median new home prices, they are still well below the existing home price…

Source: Bloomberg

Additionally, houses for sale in Aug. fell 1.4% m/m to 490,000 pushing the months’ supply at 7.4 in Aug. compared to 9.0 prior month.

Did homebuilders finally capitulate?

Is the sales jump sustainable?

Source: Bloomberg

It appears lower mortgage rates and higher incentives helped a great deal but 20% is a crazy number.

Let’s remind everyone that we live in a capitalist system, and Disney was selling a failing entertainment product called Jimmy Kimmel Live! The late-night show suffered a ratings collapse over the last decade and devolved into a megaphone for the Democratic Party, spewing endless streams of misinformation and disinformation, such as the recent moment Kimmel labeled Kirk’s suspected assassin as “one of them,” a cheap shot aimed at President Trump’s base, MAGA conservatives. 

On Tuesday night, Kimmel returned to the air, but not on channels owned by Sinclair or Nexstar. President Trump quickly fired off a Truth Social post overnight, saying, “I can’t believe ABC Fake News gave Jimmy Kimmel his job back.”

We’re also surprised, given Nielsen data showing that Jimmy Kimmel Live! ‘s ratings have collapsed over the past decade. Additionally, Kimmel’s distasteful comments aimed at MAGA likely drove away sponsors and created pressure on local broadcasters. Hence, Sinclair and Nexstar are not airing the late-night show on their stations. 

Trump continued on Truth Social:

The White House was told by ABC that his Show was cancelled! Something happened between then and now because his audience is GONE, and his “talent” was never there.

Why would they want someone back who does so poorly, who’s not funny, and who puts the Network in jeopardy by playing 99% positive Democrat GARBAGE. He is yet another arm of the DNC and, to the best of my knowledge, that would be a major Illegal Campaign Contribution.

Here’s where things get interesting, Trump concluded the post: 

I think we’re going to test ABC out on this. Let’s see how we do. Last time I went after them, they gave me $16 Million Dollars. This one sounds even more lucrative. A true bunch of losers! Let Jimmy Kimmel rot in his bad Ratings.

Related:

• Nexstar & Sinclair Stand Firm Against Jimmy Kimmel Return

• Bill O’Reilly Shreds Liberals’ ‘Free Speech’ Spin Surrounding Jimmy Kimmel With One Brutal Fact

• The Real Story Behind Jimmy Kimmel’s Firing

. . .

Authored by Dilip Kumar Patairya via CoinTelegraph.com,

Key takeaways

• Stablecoins reduce settlement time, cross-border costs and enable programmable rewards. They outpace traditional credit card systems.

• US merchants pay over $100 billion in card fees yearly. In comparison, stablecoins offer much cheaper, faster payments.

• Ripple’s RLUSD, Gemini’s XRP Card and Moca’s Air Shop show stablecoins moving into mainstream commerce.

• With big players exploring adoption, stablecoins are positioned to become central to US payment systems.

Since stablecoins first emerged in 2014 to provide price stability in the volatile cryptocurrency market, they have redefined traditional banking. They have separated the core functions of storing and transferring money, which allows fintechs to build programmable services on a global digital currency system.

Traditionally, businesses accepted card payments, while the remaining functions, including holding deposits and offering additional services and tools, were the banks’ domain.

Stablecoins have largely replaced this with an ecosystem where most are centrally issued but operate on decentralized networks rather than a centralized entity. Moreover, it reduces cross-border transfer times, lowers costs, stabilizes fund values and introduces flexible reward systems that outpace credit cards.

Each time a credit card is used in the US, banks and payment networks take a small portion of the transaction, typically 1.5%-3.5%. This significantly reduces profits of merchants and contributes to higher prices for consumers. This is starting to change thanks to stablecoins.

This article discusses the costs associated with credit cards, how stablecoins compare with credit cards, stablecoin use cases in the industry and how stablecoins are disrupting the credit card industry for the better.

The cost you pay for credit cards

Credit cards are widely used for payments, not just in the US, but across the world. However, this convenience has a high cost. Each transaction involves hidden fees, such as interchange fees paid by merchants to banks, network fees collected by Visa and Mastercard and other processing costs. These fees, typically between 1.5% and 3.5%, cut directly into merchants’ profits.

Businesses like airlines, retailers and small shops often raise prices to cover these costs, which ultimately affects consumers. The payment system favors card networks, leaving merchants with little control. Meanwhile, consumers end up indirectly paying for the networks’ profits.

Stablecoins, pegged to a fiat currency like the US dollar, offer a solution with faster, cheaper and clearer transactions. By avoiding card networks and lowering fees, stablecoins could help businesses save money and provide better value to consumers.

Did you know? Unlike rigid cashback or points systems, stablecoins enable programmable loyalty programs. Merchants can customize rewards across brands, let customers trade or save them and ensure tokens maintain value, reshaping how loyalty is earned and spent.

What are stablecoins?

Stablecoins are a type of cryptocurrency created to hold a steady value by pegging to stable assets, usually the US dollar. Unlike unpredictable cryptocurrencies like Bitcoin or Ether, stablecoins offer stability, making them suitable for daily transactions.

Their value is typically supported by reserves of cash, short-term US Treasury securities or similar assets, designed to maintain one token at roughly one dollar. They combine the speed and efficiency of blockchain technology with the reliability of traditional currency.

USDC issued by Circle, is a dollar-pegged stablecoin that operates under US money-services-business registration and publishes regular, third-party attestations of its reserves. In December 2024, Ripple launched Ripple USD (RLUSD), making the coin available on global exchanges after receiving regulatory approval from the New York Department of Financial Services. These US dollar-linked stablecoins are transforming the payment system, providing businesses and consumers with a cost-effective, fast, global alternative to traditional payment methods.

Stablecoins vs. credit cards: The case for a better payment system

Stablecoins present an alternative to credit cards by addressing two of the biggest pain points in US payments: high fees and slow settlements.

Credit card payments may feel instant, but merchants usually wait one to three business days to receive funds. During that delay, they also pay fees of 1.5%-3.5% per transaction, which cut into margins and often get passed on to consumers. Stablecoins settle on blockchain networks, usually within seconds to minutes, at a fraction of the cost, giving both merchants and customers a faster and cheaper option.

No wonder stablecoins have caught the attention of merchants, airlines and large retailers that are eager to reduce their dependence on Visa and Mastercard’s entrenched networks. By adopting stablecoins, they can reclaim lost revenue, protect tight margins and still maintain robust loyalty programs.

Projects are now using blockchain-powered platforms to facilitate stablecoin-based rewards points. It helps retain real-world value, ensuring loyalty schemes remain attractive to customers while delivering tangible financial benefits to businesses.

Customers are able to truly own their reward points, which means they can save the points or move them elsewhere to spend outside of the platform where they were earned.

Here is a table illustrating how stablecoins compare with credit cards:

Use cases of stablecoins in the credit card industry

The competition between stablecoins and credit cards is not just about lower costs and quicker transactions. It also reflects how major companies are reshaping payment systems for end customers and businesses.

From cryptocurrency-backed credit cards to stablecoin-based loyalty programs, the industry is developing creative hybrid solutions that combine traditional and modern payment approaches.

Here are two case studies to help you get insights into how businesses are refining their payment systems:

Gemini and Ripple’s strategic moves

On Aug. 25, 2025, Gemini introduced the XRP Credit Card in collaboration with Ripple. The card provides up to 4% cashback in XRP for gas, electric vehicle charging and rideshare purchases (with a monthly cap); 3% for dining; 2% for groceries; and 1% for all other purchases. Rewards are credited instantly in crypto, and the card has no annual or foreign transaction fees.

Gemini also adopted Ripple USD (RLUSD) as the base currency for all US spot trading pairs, simplifying currency conversions. To further support RLUSD, Ripple acquired Rail, a payments platform, for $200 million, adding tools for cross-border payments, virtual accounts and automation to its ecosystem.

Retail and e-commerce innovations

Air Shop, scheduled for launch in September 2025, seeks to reshape loyalty programs through stablecoin-powered commerce. The platform employs Air Kit for secure identity and tiered membership verification, offering tailored rewards. At its core are Stable-Points (AIR SP), USD-backed tokens linked to stablecoins, which maintain their value unlike traditional loyalty points. These Stable-Points can be used at over 2 million merchants via BookIt.com, spanning travel, retail, dining and luxury experiences.

Unlike conventional loyalty programs with restrictive usage or diminishing value, Air Shop ensures flexibility and interoperability, letting users carry rewards across brands. Merchants gain a transparent, cost-effective way to connect with customers, while consumers enjoy trust, flexibility and genuine economic value.

The $100-billion potential: How stablecoins could disrupt the credit card industry

In 2024, credit cards were the most popular payment method among US consumers, accounting for 35% of all transactions. The total purchase volume reached $5.51 trillion across 56.2 billion transactions made with Visa and Mastercard products.

Stablecoins challenge this expensive system by providing nearly cost-free transactions, instant settlements and flexible rewards through blockchain technology. If stablecoins gain even 10%-15% of the transaction market, they could redirect billions in savings to merchants and consumers.

Continued adoption of stablecoin-based payments and loyalty programs by retailers, airlines and e-commerce companies could increase pressure on traditional credit card networks. Such a shift would not only reshape payment economics but also promote broader use of blockchain technology, transitioning stablecoins from a niche solution to a central component of US financial infrastructure.

Stablecoins are becoming a core component of the financial system

The competition between stablecoins and credit cards extends beyond payment methods. It determines who will control the flow of money in the digital age. With increasing regulatory clarity, institutional support and consumer confidence, stablecoins offer faster, cheaper and programmable transactions that are highly appealing.

Initiatives like Ripple’s RLUSD and Gemini’s offerings demonstrate how cryptocurrency companies are embedding themselves in mainstream finance. At the same time, major retailers such as Amazon and Walmart are exploring proprietary stablecoins to cut fees and reinvent loyalty programs. If these initiatives succeed, they could transform the economics of payments, redistributing billions in costs and benefits across the ecosystem.

While credit cards remain deeply rooted, blockchain-powered stablecoins are likely to become a core component of US commerce, reshaping incentives, lowering costs and redefining customer engagement in a $100-billion payment landscape.

Yesterday, as we detailed here, Argentina assets soared on the heels of US Treasury Secretary Scott Bessent calling the South American country “a systemically important US ally in Latin America,” adding that the US Treasury “stands ready to do what is needed within its mandate to support Argentina. All options for stabilization are on the table.”

This morning, Argentine bonds are extending gains following a follow-up post on X by Bessent that  the Trump administration “stands ready to do what is needed to support Argentina and the Argentine people.”

Specifically, Bessent writes that the US is discussing a swap line with Argentina and is ready to buy up the country’s dollar bonds.

“The Treasury is currently in negotiations with Argentine officials for a $20 billion swap line with the Central Bank,” Bessent said on X.

“We are working in close coordination with the Argentine government to prevent excessive volatility.”

Adding:

“In addition, the United States stands ready to purchase secondary or primary government debt.”

Argentine bonds are ripping higher on the news…

Bessent’s comments come after Trump’s Truth Social post supporting his “very good friend” Javier Milei:

Bessent concluded: “Argentina has the tools to defeat speculators, including those who seek to destabilize Argentina’s markets for political objectives…”

And for now, he is right as the peso is soaring…

Argentina’s capital markets had been roiled in the past few weeks after a weak showing by President Milei in a local election, but speaking on Fox on Wednesday morning, Bessent called the aid a “bridge to the election,” referencing Argentina’s midterms on Oct. 26.

“I don’t think the market has lost confidence in him, I think the market is looking in the rear view mirror and looking at decades, about a century, of terrible Argentinian mismanagement,” Bessent said.

This marks the second major bailout for Argentina under Trump, as his administration takes on a more prominent role in Latin American politics. In 2018, Trump pushed the International Monetary Fund to approve an initial $50 billion program for the country under then-President Mauricio Macri, a deal that quickly unraveled. 

“It clears up uncertainty about the liquidity difficulties generated by the economic program so far,” Federico Filippini, Chief Economist at Adcap Grupo Financiero. 

“The announcement that the Treasury would be willing to directly purchase sovereign debt significantly increases the likelihood of a fall in country risk to the point that the government could issue debt in early 2026.”

The Trump administration’s swap line would be bigger than Argentina’s line with China’s central bank, which is about $18 billion.

“For Washington, Milei represents more than an economic partner: He is also a strategic geopolitical ally as the US seeks to build a bloc of like-minded governments in Latin America,” said Claudio Zampa, founder of Switzerland-based Mangart Capital Management.

Finally, as one veteran market-whisperer put it: everyone says they are ready to ‘do austerity’ to fix any domestic fiscal shitshow; but, in the end, every voter capitulates and goes with whoever promises free shit. Despite bringing down inflation…

…Milei is facing that free-shit army’s impatience and the hope is that with Bessent’s help, they can survive to fight another election.

As Eugenia Mitchelstein, a social sciences professor at the University of San Andrés in Buenos Aires, points out, the midterm elections allow Argentinians to weigh in on whether Milei has done enough to stabilize the turbulent economy, and could have major ramifications for how he governs going forward. It will be a referendum on the politics of the chainsaw. 

We give Bessent the last word on how that works out: “Argentina has the tools to defeat speculators, including those who seek to destabilize Argentina’s markets for political objectives.”