According to a *Wall Street Journal* report, retailers Walmart and Amazon are considering launching their own dollar-backed stablecoins. This comes amid growing interest in digital payments and regulatory changes.
The Potential of Stablecoins for Retailers
Both companies are looking to create their own stablecoins which could lower transaction fees, speed up settlements, and provide greater control over customer payment flows. While neither company has confirmed its plans, this could represent a significant shift in payment processing.
Regulatory Background and Legislative Initiatives
The GENIUS Act, currently working its way through Congress, could be a turning point for stablecoins. Backed by Senate Majority Leader John Thune, the bill outlines requirements for collateralization and anti-money laundering compliance, and is set for a full Senate vote on June 17.
Competition in the Stablecoin Market
Competition in the stablecoin market is intensifying. Shopify has announced plans to support USDC payments, while Ripple is launching RLUSD in 2024. Major banks, including JPMorgan and Bank of America, are also reportedly discussing a joint stablecoin rollout. Currently, the total circulation of the stablecoin market has surpassed $250 billion.
The launch of stablecoins by major retailers such as Walmart and Amazon could lead to significant changes in finance and digital payments, strengthening their positions in the market as competition among stablecoin developers continues to grow.
