Avalanche Brings Stablecoin Payments to NYC’s Oldest Holiday Market

New York City’s oldest holiday market is now using stablecoin payments this winter, and most visitors will never notice the difference. At Union Square Holiday Market, shoppers can now pay select vendors through Urbanspace’s mobile app, which settles payments in USDC on the Avalanche blockchain. 

This seasonal pilot places blockchain payments inside a real, high-volume retail setting. Union Square is a crowded public market that welcomed more than one million visitors last year. If stablecoin payments can work smoothly here, they can work almost anywhere.

A Familiar Holiday Market, With a Quiet Change at Checkout

Every winter, Union Square Holiday Market becomes a small city of its own. The smell of cider and roasted nuts fills the air. Handmade candles, scarves, and local food line the walkways. 

This year, tucked into that familiar routine, Urbanspace introduced a new payment option. Shoppers can browse, open the Urbanspace app, tap to pay, and move on. There are no crypto wallets to set up, no private keys to manage, and no visible blockchain steps.

Behind the scenes, the payment settles in USDC, a dollar-pegged stablecoin issued by Circle through regulated entities. Avalanche processes the transaction in seconds. Funds reach merchants almost immediately.

From the customer’s view, it feels like any other mobile payment. From the merchant’s view, it changes how and when they get paid.

How the Urbanspace Stablecoin Payments Work

The system is designed to stay out of the way. Urbanspace built the payment flow so shoppers do not need to understand blockchain to use it.

Here is what happens during a purchase:

• A shopper pays through the Urbanspace app.
• The payment is denominated in USDC, which tracks the US dollar.
• Avalanche validates and finalizes the transaction within seconds.
• The vendor receives funds without waiting days for settlement.

USDC is used because it removes price volatility. One USDC equals one US dollar, backed by cash and short-term Treasuries. 

Avalanche was chosen for its fast finality and low transaction costs. 

Why Faster Settlement Matters for Small Businesses

For large retailers, waiting several days for card payments to clear is an inconvenience. For small vendors, it can be a real problem.

Union Square vendors often operate with limited staff, limited inventory, and tight cash flow. The holiday season is their busiest time. Delayed access to earnings can mean waiting to restock or cover daily expenses.

Traditional card payments create several pain points:

• Funds may take days to settle.
• Interchange fees reduce each sale.
• Chargebacks and reconciliation add administrative work.
• Payout schedules are fixed and inflexible.

By settling on Avalanche, many of these frictions are reduced. Transactions clear in seconds. Fees are predictable and lower. Vendors can access earnings almost immediately.

“The Union Square Holiday Market brings together so many small businesses, and this pilot allows us to explore a simple, modern payment option that may benefit them during one of the busiest times of the year,” said Eldon Scott, President of Urbanspace.

Union Square Holiday Market runs until December 24. During that time, Urbanspace will observe how vendors and shoppers respond.

The platform also includes:

• A digital vendor directory.
• Seasonal promotions.
• Tools that help visitors discover local businesses.

From a Holiday Market to Global Payments

The same network supporting small vendors in New York is being tested by major financial institutions.

Avalanche has been explored by firms such as Visa, J.P. Morgan, and Citi for stablecoin and tokenized payment settlement. The goal in each case is similar: move money faster, with clearer records and lower costs.

In Japan, TIS Inc., a payment processor handling more than $2 trillion annually, built a multi-token settlement platform on Avalanche. The system aims to streamline payments across its network.

A recent example comes from Southeast Asia. On December 8, Thailand’s Kasikornbank, known as KBank, partnered with StraitsX and Avalanche to streamline cross-border payments between Thailand and Singapore.

The project, called Seamless Travel Payments on Chain, was announced at the Singapore FinTech Festival 2025. It focuses on real-time settlement for tourists and merchants.

Avalanche and Regulated Financial Products

Avalanche’s role is not limited to payments. It is also becoming part of regulated investment products.

In November 2025, Bitwise Asset Management filed an amended S-1 with the US Securities and Exchange Commission for a spot Avalanche ETF. The proposed fund, ticker BAVA, includes staking as part of its structure.

The ETF is designed as a grantor trust. Investors are treated as direct owners of AVAX. Staking rewards flow through to shareholders. The fund does not use leverage or derivatives.

Custody is handled by Coinbase Custody, with assets held in segregated cold storage. There is no FDIC or SIPC insurance, which is clearly disclosed.

This filing shows that Avalanche is being considered within traditional regulatory frameworks, not outside them.

Moreover, Securitize is launching a pan-European Trading and Settlement System on Avalanche under the EU’s DLT Pilot Regime.

The system combines trading and settlement into one regulated environment. Tokenized stocks and bonds can trade and settle within seconds.

Regulators including the European Securities and Markets Authority and the European Central Bank have overseen the development. The platform operates across all 27 EU member states.

Conclusion

Union Square Holiday Market’s use of stablecoin payments is quiet by design. Powered by Avalanche and delivered through Urbanspace’s app, the system settles USDC payments in seconds without changing how shopping feels.

For vendors, it offers faster access to earnings and lower friction during the busiest season of the year. For shoppers, it feels like any familiar mobile payment.

The same infrastructure supports global banks, cross-border payments in Asia, regulated ETFs, and tokenized securities in Europe. At Union Square, it supports a cup of cocoa and a handmade scarf.

Resources

1. Blog article by Avalanche: A New Kind of Holiday Exchange Comes to Life in New York City

2. Avalanche on X: Announcements on November 27

3. Press release by Securitize: Securitize Wins Full EU Regulatory Approval and Selects Avalanche for Initial Deployment of European Trading & Settlement System

4. Coindesk Article: Avalanche ETF Race

5. SEC Document: Bitwise S-1 Amendment