Walmart and Amazon are Now Exploring Stablecoins
Consumers shopping at Walmart and Amazon could soon settle their baskets with the retailers’ dollar-pegged digital tokens after both firms confirmed they are exploring proprietary stablecoins. People familiar with the plans told The Wall Street Journal that preliminary technical work is underway, although neither company has yet committed to a launch date. The move would represent the deepest incursion by non-financial multinationals into the U.S. payments system, potentially diverting billions of dollars in card fees from banks and networks towards the two retail behemoths. Industry analysts say the timing is no coincidence. The U.S. Senate is expected to vote on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act on June 17, establishing a clear legal framework for corporate issuers. Both companies have long chafed at the cost of traditional card rails; Walmart alone paid an estimated $2.1 billion in processing fees last year. By issuing...