Retail giants Walmart and Amazon are evaluating digital currencies to facilitate e-commerce and increase cross-border transactions, according to the Wall Street Journal.
At this point, two giant names Walmart and Amazon are reportedly planning to issue their own US dollar-backed stablecoins for their customers.
Unexpected Cryptocurrency Moves From Two Giant Names!
According to the WSJ, Walmart and Amazon are considering launching their own USD-pegged stablecoins to lower payment costs, speed up payments, and reduce payment disputes.
The stablecoins to be issued by the two giants will allow companies to offer more direct payment systems excluding banks and payment cards.
A source familiar with the matter told the WSJ that Amazon's plans are still in the early stages and that discussions are focused on the company using its own coin for online purchases.
The plans are based on regulatory clarity that would be provided by the stablecoin bill called the Genius Act (GENIUS).
According to experts, a stablecoin-based payment channel could save such large companies billions of dollars in banking fees by offering faster and cheaper transactions.
As you may recall, US President Donald Trump has prioritized providing clarity in the cryptocurrency sector and stated that he aims to pass stablecoin legislation by August. At this point, while the work on the passage of the GENIUS law is accelerating, June 17 has been marked for the final vote.
Trump and his administration’s pro-stablecoin stance has accelerated institutional adoption, with Ripple (XRP) launching RLUSD last year, while Wall Street firm DTCC and several major banks have also announced stablecoin launches.
*This is not investment advice.
