The two retail giants Walmart and Amazon are quietly preparing to launch a move that could disrupt the entire current payment system: issuing their own stablecoin in the U.S., according to a recent report from the Wall Street Journal. This is not merely a technological experiment, but a clear strategy aimed at breaking free from reliance on traditional banks and card networks like Visa or Mastercard.
Why stablecoins?
Every year, retailers like Walmart and Amazon pay billions of dollars in transaction fees to banks and card networks. Each credit or debit card transaction incurs a fee of 1-3% of the value – a cost these companies increasingly want to eliminate. Stablecoins – digital currencies pegged to the USD – could be the most powerful cost-cutting tool ever. Transactions using stablecoins occur instantly, with low fees, no intermediaries, and are particularly useful for cross-border payments that are slow and expensive.
This is also a natural progression for Walmart, a company that has previously experimented with the mobile payment service Walmart Pay and is always eager to expand its influence in the consumer finance sector. For Amazon – the e-commerce giant – entering the stablecoin space could be the perfect move to close the payment value chain on its platform and limit third-party interference.
Genius Act: Gateway for corporate stablecoins
However, launching a stablecoin in the U.S. is not straightforward. Legal barriers pose the biggest challenge. Stablecoins have long been a controversial topic among U.S. lawmakers due to concerns regarding financial risks, system stability, and consumer protection.
The only glimmer of hope currently is the Genius Act – a new proposed law under consideration by the U.S. Congress. If passed, this law will create a clear legal framework for the issuance and operation of stablecoins, requiring them to be fully backed by USD or equivalent safe assets while establishing user protection standards. For Walmart and Amazon, this could be the 'golden key' to officially enter the world of legitimate digital currency.
The consequences are not limited to retail.
If these two giants succeed, the impact will ripple across the entire financial industry. They will not only diminish the roles of Visa and Mastercard but also pose a significant challenge to traditional banks. In that scenario, consumers and businesses could transact directly via stablecoins without needing a bank account – a model that is more decentralized, faster, and cheaper.
Not stopping there, the fact that Walmart and Amazon are 'legitimately' issuing stablecoins could spur a wave of broader acceptance of digital currencies in the mainstream economy. As major brands use blockchain as payment infrastructure, it will be difficult for other companies to ignore. This could be the final push to make digital currency a default part of global financial life.
However, it is still too early to declare victory. For corporate stablecoins to become a reality, there must not only be a legal framework but also the need to convince consumers to trust in the safety, stability, and privacy of this new currency. But if successful, Walmart and Amazon will not just be sellers – they will become issuers of their own currency.
And that is a direct strike at the center of global finance's power.
