Retail giants Amazon and Walmart are exploring the possibility of issuing their own USD-backed stablecoins, according to a Wall Street Journal report citing anonymous sources.
The report comes as the US Congress is preparing a final vote on the Genius Act that will essentially regulate the stablecoins in the country.
Stablecoin payment systems could enable quicker, more cost-effective transactions, potentially saving these major corporations billions in banking fees.
While Walmart previously dabbled in a proprietary token in 2019, the project was shelved. Amazon has been exploring blockchain applications, including an e-commerce escrow payment trial. Other major brands like Shopify are also embracing stablecoin payments, as small and medium-sized enterprises increasingly turn to them.
Apple, X, Airbnb and Google are Exploring Stablecoins
As reported earlier, tech giants Apple, X, and Google are exploring stablecoins to reduce fees and enhance cross-border payments. Google leads with two completed stablecoin transactions.
Airbnb is in talks with Worldpay to bypass costly credit card processors like Visa and Mastercard. Meanwhile, social platform X is considering stablecoin integration into its X Money app, aiming to expand peer-to-peer payments. Elon Musk has emphasized growing X’s payment capabilities, with the company already securing money transmitter licenses across the U.S. The e-commerce giant Shopify has already announced plans to integrate USDC payments for its users by the end of this year. USDC issuer Circle marked one of the most successful IPO earlier this month on the NYSE.
Final Vote on GENIUS Act Scheduled for June 17
The U.S. Senate is set to hold a final vote next Tuesday on the GENIUS Act, which would establish a regulatory framework for stablecoins. The bill mandates full backing by U.S. dollars or equivalent assets, annual audits for issuers over $50 billion in market cap, and compliance requirements for foreign issuers. Following a preliminary Senate approval Wednesday, the legislation would move to the House, where a separate stablecoin bill awaits consideration. The exact timing of the vote will be determined by Senate leadership.
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