# kaal:claim:5454054-003

**Claim.** Retailer-issued stablecoins operate as an onchain Eurodollar play: they decentralize the creation of dollar-denominated liquidity, which reduces transaction costs and disintermediates traditional banks and their fees.

**Type.** mechanism  **Support.** argued

**Holds when.**

- merchant issues a dollar-pegged token backed by reserves

**Source quote.**

> Retailer-issued stablecoins function as an onchain Eurodollar play that enables the decentralized creation of dollar-denominated liquidity, thus reducing transaction costs, and disintermediating traditional banking systems and their fees.

**From.** Wulf A. Kaal, *Liquid Equity Rewards* (2025), Proliferation of Stablecoins in Commerce, page 4

**Cite as.** Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054

**Verify.** sha256 of source PDF `9f53a865e6f0e5424640779df8f9b50923cd7d05649301dd4cc727144749b6e6` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202025%20-%20Liquid%20Equity%20Rewards.pdf

**Topics.** tokenomics, decentralization

**Keywords.** stablecoins, eurodollars, merchant-issuance, disintermediation, payments

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