#BigTechStablecoin
THE BIG TECH COMPANIES ARE CONSIDERING ADOPTING STABLECOINS AS THE DEBATE ON THE GENIUS LAW CONTINUES...
The market capitalization of stablecoins has increased by 90% since January 4, 2024, making stablecoins possibly the first widespread use case of cryptocurrencies.
Reportedly, the growing push for stablecoin regulation in the United States is driving major tech companies like Apple, X, and Airbnb to explore the integration of digital tokens.
According to a Fortune report from June 6, at least four tech companies, including Apple, X, Airbnb, and Google, are exploring stablecoins to reduce fees and improve cross-border payments. Each company is in a different stage of implementation, with Google perhaps leading the way, having already facilitated two payments with stablecoins.
Payment infrastructure companies are playing an important role. For example, Airbnb has been in talks with Worldpay about the use of stablecoins, seeking to reduce fees from credit card payment processors like Visa and Mastercard.
The social platform X has been in discussions with cryptocurrency companies to integrate stablecoins into its X Money app, according to the report. Elon Musk has already expressed his desire to expand the reach of X so that users can send and receive money. The company has already applied for money transmitter licenses in the United States.
A spokesperson for Google Cloud told Cointelegraph that the company is "focused on responding to customer demand for efficient payments 24/7" and is "evaluating stablecoins that allow us to offer this securely." The tech giant is also helping its clients explore stablecoins by providing its ledger technology.
