Walmart Inc. and Amazon.com Inc. are evaluating the creation of their own U.S.-dollar-pegged stablecoins.
Walmart Inc. and Amazon.com Inc. are evaluating the creation of their own U.S.-dollar-pegged stablecoins, the Wall Street Journal reported, citing people familiar with the matter.
The move could steer a significant share of the retailers’ cash and card transactions away from traditional payment networks, potentially saving the companies billions of dollars in processing fees while accelerating settlement times for customers and suppliers. The Journal added that some merchants are also looking into accepting stablecoins from their vendors.
Both firms’ plans depend in part on the progress of the GENIUS Act, legislation now before Congress that would establish a regulatory framework for private-sector stablecoins. No final decision or launch timetable has been set, according to the report.
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