Quick take:
- The announcement comes amid rising interest in stablecoins with Shopify becoming the latest to advance plans after its deal with Coinbase and Stripe.
- Amazon and Walmart believe they can reduce payment friction, speed up settlement, and lower costs by adopting stablecoin payments, according to a report by WSJ.
- Policymakers are making progress in the GENIUS Act bill, which is now scheduled for a vote on June 17, after overcoming initial Democratic opposition.
Walmart, Inc. (NYSE: WMT) and Amazon.com, Inc. (NASDAQ: AMZN) are exploring plans to issue dollar-pegged stablecoins. The plan reportedly hinges on the U.S. implementing a clear regulatory framework for cryptocurrencies pegged to fiat currencies, according to the Wall Street Journal.
This couldn’t have come at a better time, with Policymakers at Capital Hill finally advancing the GENIUS Act. The crypto regulation bill, which seeks to establish a clear framework for regulating fiat-backed cryptocurrencies is scheduled for a final state vote on June 17 after overcoming initial Democratic opposition.
The announcement comes amid rising interest in stablecoins with Shopify becoming the latest technology giant to join the race in partnership with Coinbase and Stripe.
According to the WSJ report, Amazon and Walmart see stablecoins as an effective way of reducing payment friction, speeding up settlements, and lowering transaction costs. It signifies a culture shift with more traditional brands and financial services companies looking to blockchain-based payments to improve transactional efficiency.
Last week, reports emerged that the world’s leading tech companies including Apple, Google, Airbnb and Elon Musk’s X platform were looking to integrate stablecoin payments. Even Meta Platforms Inc. (NASDAQ: META), which previously walked back its digital currency plan after facing regulatory backlash is reportedly looking to step back in, while Uber CEO, Dara Khosrowshahi, recently. told Bloomberg his company is in the “study” phase of using stablecoins for global transfers.
Circle, the issuer of the USDC stablecoin recently went public on the New York Stock Exchange, in the biggest IPO of the year yet. Its stock price has since surged more than three times, more than tripling its market cap.
Stay on top of things:
Subscribe to our newsletter using this link – we won’t spam!