As the U.S. pushes for stablecoin regulation, large tech companies such as Apple, X, and Airbnb are exploring the integration of digital tokens. According to a report by Fortune on June 6, at least four tech companies, including Apple, X, Airbnb, and Google, are considering utilizing stablecoins to reduce costs and improve cross-border payments. Google's implementation is progressing the fastest, having completed two stablecoin payments.
Payment infrastructure companies are also getting involved; for instance, Airbnb is in talks with Worldpay to use stablecoins to reduce fees from credit card payment processors like Visa and Mastercard.
Social platform X is negotiating with crypto companies to integrate stablecoins into its X Money application. Elon Musk hopes to expand X's capabilities to allow users to send and receive funds, and the company has applied for money transfer licenses in several states in the U.S.
Stablecoins have become one of the most popular applications of cryptocurrency, with their market capitalization increasing from $131.3 billion in January 2024 to $249.3 billion, a growth of 90%.
Cooperation between payment infrastructure and tech companies is also increasing. Mastercard has formed alliances with MoonPay, and Visa has partnered with Bridge. In October 2024, Stripe announced the acquisition of Bridge for $1.1 billion, referred to by Fortune as the 'starting gun' for Silicon Valley to take stablecoin technology seriously.
Stablecoin company Paxos is collaborating with Stripe and PayPal to provide services. Paxos plans to launch a new stablecoin payment platform for Stripe and support PayPal's PYUSD stablecoin, which has a market capitalization of $978 million.
The GENIUS Act has sparked controversy in the U.S. Senate.
The 'Guidance and Establishing U.S. Stablecoin Innovation Act' (GENIUS Act), aimed at providing a regulatory framework for U.S. stablecoins and their issuers, is driving companies to explore digital assets. Republican Senator Josh Hawley opposes the current bill because it allows tech companies to issue digital currencies that could compete with the dollar.
The Democratic Party plans to increase amendments that prohibit large tech companies from creating their own stablecoins, forcing them to use established stablecoin companies in the U.S., including Tether and Circle.
