Walmart, Amazon, and several other multinational corporations are reportedly considering issuing their own stablecoins, according to a Wall Street Journal report citing anonymous sources.
These dollar-pegged digital assets would enable the companies to reduce transaction fees significantly, marking a potential shift away from traditional financial systems dominated by major banks and credit card providers. Other companies reportedly exploring stablecoins include Expedia Group and various unnamed airlines.
Stablecoins are cryptocurrencies tied to assets like the U.S. dollar, metals, or other cryptocurrencies, often backed on a one-to-one basis. They have grown popular for their lower fees and faster payment processing compared to conventional methods.
The companies’ plans may hinge on the passage of the GENIUS Act, a proposed stablecoin regulatory framework currently progressing through Congress. This legislation aims to foster competition in the payment industry, challenging giants such as Visa and MasterCard.
Sources indicate Amazon’s stablecoin interests focus on facilitating online purchases, while Walmart has actively lobbied to amend the GENIUS Act to encourage more competition within the credit card market. Both are also evaluating the option of utilizing existing stablecoins instead of launching their own.