Walmart, Amazon, and other massive global companies are reportedly looking into the benefits of having their own stablecoins.
According to a new report by The Wall Street Journal, anonymous people familiar with the matter say that some of the world’s largest retailers are considering issuing their very own dollar-pegged crypto assets in the US in an effort to save billions of dollars in transaction fees.
Such a move would mark a major shift away from the traditional finance system, which includes the nation’s largest banks and credit providers. Other firms that are reportedly exploring the potential use of stablecoins include Expedia Group and unnamed airline companies.
Stablecoins are digital assets pegged to other assets – such as the dollar, precious metals, or other crypto assets – and are typically backed on a one-to-one basis. Stablecoins have been gaining traction recently due to their low transaction fees and faster payment processing times.
The firms’ decisions may ultimately depend on the fate of the GENIUS Act, a stablecoin bill still making its way through Congress and yet to pass either chamber.
The GENIUS Act, introduced earlier this year, aims to establish a regulatory framework for alternative payment systems, opening the door for new players to compete with giants like Visa and MasterCard.
The sources say that Amazon’s stablecoin exploration has mostly revolved around creating one for online purchases, while Walmart has lobbied to change the GENIUS Act to introduce more competition in the credit-card sector.
The firms are also considering how to use existing stablecoins if they decide not to create their own.
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