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Walmart, Amazon Mull Dollar-Pegged Stablecoins in the U.S.: WSJ
Wall Street Journal reported that the retail giants are exploring digital currencies to bypass card fees and banks.
Walmart (WMT) and Amazon (AMZN) are considering issuing their own stablecoins in the United States, according to a report by the Wall Street Journal.
These corporate digital tokens, pegged to the U.S. dollar or other government-backed currencies, could dramatically reduce merchant fees and speed up payment settlements, disrupting the dominance of traditional financial institutions.
The move is contingent on the passage of the Genius Act, a proposed regulatory framework for stablecoins that recently passed a key procedural step in Congress. If passed, it could pave the way for large companies to adopt or issue stablecoins as an alternative to existing payment rails.
Read more: Senate Begins Passage of Stablecoin Bill as House Marks Market-Structure Wins
Both companies are still in early stages, exploring private coins or third-party stablecoin partnerships, the report added.
Walmart, long interested in financial services, is also lobbying for amendments that would increase credit-card competition.
Walmart, Amazon were not immediately available for comment at press time.
Read more: U.S. Stablecoin Bill Approval Could Trigger a Long-Term Crypto Bull Market: Bitwise
