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
GIPHY App Key not set. Please check settings