WSJ reported today that Amazon and Walmart were “exploring issuing their own stablecoins”
this story is extremely misleading because it omits the *crucial* fact that the GENIUS Act explicitly prohibits non-financial pubcos from issuing!
see §4(a)(12), which sets an extremely high bar for such a non-financial company to meet to gain an exemption — such a high bar to as likely be impossible. (see highlight in second image). they could certainly *use* stables, but very most likely impossible for them to issue
feels like WSJ should have mentioned that, especially since the story impacted markets a fair amount today 🤔
when i met the circle team in 2018 (while at fidelity) and heard the story of their pivot to a "stablecoin" i thought they were crazy and grasping at straws. i was wrong!
epic for them to go public after more than a decade of basically trying every business model in crypto 👏