Walmart and Amazon are preparing to implement US dollar-backed stablecoins, which may lead to broader institutional adoption in the US.
Plans for Stablecoin Creation
Both companies are considering the development of proprietary stablecoins, according to the Wall Street Journal. The plans include creating a stablecoin payment system to divert billions from their banking partners. In the last fiscal year, Amazon reported annual revenue of $638 billion, with global e-commerce sales reaching $447 billion. Walmart also exceeded $100 billion in global e-commerce sales.
Support from Major Companies
Shopify has confirmed plans to integrate USDC payments for users before the end of this year, indicating a growing interest among major players in stablecoins. A stablecoin-based payment system could provide faster and cheaper transactions, allowing companies to save significantly on banking fees.
GENIUS ACT Legislation
The stablecoin plans may depend on the passage of the GENIUS ACT, aimed at establishing clear regulations on stablecoin collateralization and compliance with anti-money laundering laws. The bill has already passed a 68-30 vote, signaling support in Congress, which may be a necessary step for stablecoins to enter the mainstream, facilitating their widespread use.
The implementation of stablecoins by major players like Walmart and Amazon could significantly alter the financial landscape and transaction methods if the appropriate legislation is passed.
