Walmart, Amazon Mull Dollar-Pegged Stablecoins in the U.S. : WSJ
Stablecoins could eliminate costly card processing fees and reduce transaction times, especially for cross-border payments.
A stablecoin system from Amazon or Walmart could move consumer transactions away from banks, intensifying pressure on card networks like Visa and Mastercard.
Walmart (WMT) and Amazon (AMZN) are considering issuing their own stablecoins in the US, according to a Wall Street Journal report.
These corporate digital tokens, indexed to the US dollar or other government-backed currencies, could significantly reduce merchant fees and speed up payment settlements, disrupting the dominance of traditional financial institutions.
The decision hinges on the passage of the Genius Act, a proposed regulatory framework for stablecoins that recently passed a key procedural milestone in Congress. If passed, it could pave the way for large companies to adopt or issue stablecoins as an alternative to existing payment rails.
Both companies are still in their infancy, exploring private coins or third-party stable coin partnerships, the report added.
Walmart, long interested in financial services, is also pushing for amendments that would increase credit card competition.
Walmart, Amazon were not immediately available for comment at press time.
