- The stablecoin plans include a stablecoin payment system to divert billions in cash flow from their banking partners.
- This plan of the giants will possibly depend on the result of a prominent legislation, the GENIUS ACT.
Two prominent companies, Walmart and Amazon, are planning to issue their own US dollar-backed stablecoins for customers, indicating broader institutional stablecoin adoption with more regulatory clarity in the US.
Both firms are considering the development of brand-specific stablecoins, as revealed by people close to the matter and reported in the Wall Street Journal on June 13. However, the confirmation about the plan hasn’t been given by the firms.
The stablecoin plans include a stablecoin payment system to divert billions in cash flow from their banking partners. In the last financial year, Amazon witnessed a $638 billion worth of annual revenue, and the global e-commerce sales touched around $447 billion for the platform, as revealed by Statista.
The global e-commerce sales of Walmart crossed $100 billion a year before, accounting for 17.8% of the yearly total sales of the firm reported in August 2024. A payment system based on stablecoin could provide faster and cheaper transactions, aiding such big companies save billions in banking fees.
Support From The Giants
Shopify, an e-commerce giant, has also confirmed to amalgamate USDC payments for its users before the end of this year. This plan of the giants will possibly depend on the result of a prominent legislation, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS ACT).
The bill has a target to set clear regulations for stablecoin collateralization and require compliance with Anti-Money Laundering laws, which may boost institutional stablecoin adoption in the US.
On June 12, the GENIUS Act proceeded with a 68-30 vote, having Majority Leader John Thune requesting members of Congress to back the bill. Many of the Democrats and senators voted to terminate the bill, sparking debate and a full floor vote before surely sending it to the House of Representatives for further consideration.
DTCC Digital Assets reveals that it sees stablecoins as the “perfect” financial instrument for real-time collateral management, which could modernize and facilitate the financial system.
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