Retail Giants Eye Stablecoins: Amazon and Walmart Among Those Exploring New Digital Currencies
US retail giants Amazon (Nasdaq: AMZN) and Walmart (NYSE: WMT) are reportedly considering launching their own stablecoins, as reported by The Wall Street Journal on June 13.
Stablecoins are a type of cryptocurrency designed to maintain a stable value, unlike volatile digital assets such as Bitcoin. They are typically pegged to a fiat currency, like the U.S. dollar, or a commodity such as gold.
According to the report, both Amazon and Walmart are exploring the introduction of stablecoins pegged to the U.S. dollar. The primary drivers behind this move include the potential for streamlined global payments, reduced processing fees, and decreased reliance on traditional fund transfer infrastructure.
Beyond retail, the report also indicates that companies like travel tech firm Expedia Group Inc. and several U.S. airlines are looking into integrating stablecoin payments into their systems.
However, Amazon and Walmart are likely keeping a close eye on the legislative landscape, specifically the GENIUS Act, which addresses stablecoin regulation and has faced criticism from Democrats.
Stablecoins are increasingly seen as a viable and more economical payment solution for traditional retail institutions due to their faster and more cost-effective model.
Previously, it was reported that companies owned by Wall Street giants, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, are also considering a joint stablecoin launch.
Currently, the total stablecoin market capitalization stands at $251 billion, according to DeFiLlama. Tether’s USDT and Circle’s USDC (NYSE: CRCL) dominate this market, together accounting for over 86% of the share. In contrast, fintech giant PayPal’s PYUSD holds a mere 0.0036% share, while USD1, a stablecoin linked to a crypto project associated with President Donald Trump, is slightly ahead with a 0.0086% share.
