Walmart and Amazon are considering launching their own stablecoins, which could significantly alter the payments landscape. However, the realization of these plans hinges on the passage of the GENIUS Act.
Walmart and Amazon's Plans to Launch Stablecoins
According to sources cited by *The Wall Street Journal*, Walmart and Amazon are contemplating the launch of their own U.S. dollar-backed stablecoins. These plans aim to reduce costs, speed up payment processes, and decrease reliance on traditional banking systems.
The Significance of the GENIUS Act
The passage of the GENIUS Act could have a significant impact on the future of stablecoins in the U.S. This legislation aims to create clear federal rules for stablecoins, ensuring compliance with strict requirements regarding backing tokens with cash and safe assets, as well as adherence to anti-money laundering laws.
Rise of Stablecoin Adoption in the Private Sector
Stablecoins are already gaining traction in the private sector. Companies such as Ripple have launched their own tokens, while platforms like Shopify are integrating stablecoin payments through partners. The adoption of new federal regulations could further propel the growth of this market.
The shift of Walmart and Amazon towards using stablecoins could represent a major step in modernizing payment systems. The passage of the GENIUS Act will be a key moment for their realization and could lay the foundation for a booming stablecoin market in the U.S.
