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Walmart, Amazon Consider Issuing Their Own Dollar-Pegged Digital Tokens As Stablecoin Mania Envelopes Big Tech
- Walmart and Amazon are exploring the idea of issuing their own US dollar-pegged stablecoins amid rising institutional adoption of stablecoins in the US.
- These stablecoins could help reduce merchant fees, as companies currently pay significant fees for credit card transactions to networks like Visa and Mastercard.
- Stablecoins could potentially save financial technology firms billions in fees associated with card payments, disrupting traditional financial institutions' dominance.
- One major advantage of stablecoin transactions is faster payment settlements compared to traditional card payments that take 1-3 business days.
- Both Walmart and Amazon are in the early stages of considering private coins or partnerships with third-party stablecoin providers for their stablecoin plans.
- The potential launch of stablecoins by these tech giants may hinge on the progress of the GENIUS Act, a legislation that aims to regulate stablecoin issuance in the US.
- If the GENIUS Act becomes law, it could set the stage for big companies like Walmart and Amazon to adopt stablecoins as an alternative to current payment systems.
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