Shares of Visa and Mastercard fell on Friday after The Wall Street Journal reported that Walmart and Amazon.com, among other merchants, were considering issuing their own stablecoins for customers, a move that could siphon revenue from traditional payment providers.
The newspaper reported that merchants' decisions regarding the disclosure of stablecoins - cryptocurrencies tied to stable currencies like the US dollar - depend on the passage of the Genius Act, a bill moving through Congress that would regulate cryptocurrencies and require issuers to maintain reserves of dollars or other liquid assets.
All the analysts I spoke to at Barron's expressed confidence that this news will have little impact on Visa and Mastercard, or even on consumer behavior in the near term. In the longer term, the rise of stablecoins as a payment method is worth watching at least, especially since stablecoin transactions are likely to be cheaper and faster for merchants to process than cards, according to analysts.
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