Retail giants Walmart and Amazon are reportedly exploring the issuance of their own U.S. dollar-backed stablecoins, aiming to streamline payments, accelerate settlements, and reduce the costs associated with traditional financial systems. This move, reported by The Wall Street Journal on Friday, positions both companies among a growing number of multinational corporations looking to leverage stablecoins in the U.S.
The potential launch of these corporate stablecoins hinges significantly on impending federal policy decisions. On Capitol Hill, the GENIUS Act, designed to establish a uniform framework for fiat-pegged cryptocurrencies, has seen progress. After overcoming initial Democratic opposition, the bill is scheduled for a final Senate vote on June 17. Should it pass, it will then move to the House of Representatives, where a separate version is already under consideration. The two chambers must reconcile their differing approaches before stablecoin regulations can be enacted into law.
The push for stablecoin legislation has been prioritized by President Donald Trump, who is reportedly advocating for its passage by August. His administration’s supportive stance towards stablecoins has seemingly accelerated corporate interest and adoption. This trend is evident in recent developments such as Ripple’s debut of RLUSD last year, and discussions by Wall Street clearinghouse DTCC and several major banks regarding their own fiat-backed stablecoin launches. Furthermore, platforms like Shopify have already integrated Circle’s USDC through partnerships with Coinbase and Stripe. Even market leader Tether, with an impressive $155 billion in circulation, plans to issue a U.S.-specific stablecoin targeting domestic institutional investors.
The stablecoin market has recently surpassed a valuation of $250 billion, according to data from The Block.
