American retail giant Walmart and tech behemoth Amazon are contemplating the launch of their own US dollar-pegged stablecoins to simplify payment processes, expedite transfers, and reduce costs tied to traditional financial systems. According to a report, these companies may follow the plans of other multinational American enterprises to issue stablecoins. However, the initiation of their stablecoin is expected to depend on ongoing federal policy decisions in Washington.
Accelerated Crypto Initiatives by US Giants
This initiative by Walmart and Amazon aims to reduce payment delays and cut down on costs. By bypassing or optimizing traditional banking channels, they strive to render transactions more efficient. This move signals the growing corporate adoption within the cryptocurrency world.
However, a significant obstacle stands in the way of these plans: regulatory uncertainty. Politicians on Capitol Hill are working on the GENIUS Act, which aims to create a uniform framework for cryptocurrencies anchored to fiat currencies like the US dollar. The final Senate vote on the bill is scheduled for June 17, following initial Democratic opposition.
If approved by the US Senate, the bill will proceed to the House of Representatives, which is currently deliberating its version. For stablecoin regulations to be enacted, the House and Senate must reconcile their differing approaches. President Donald Trump has prioritized clarity in the cryptocurrency domain and is pushing for the stablecoin law to be enacted by August.
Impressive Growth in the Stablecoin Market
The Trump administration’s favorable stance towards stablecoins has accelerated company entry into this sector. This trend is evident not only in the potential initiatives of Walmart and Amazon but also in Ripple’s launch of RLUSD last year. Moreover, the Wall Street clearinghouse DTCC and some major banks are reportedly discussing issuing fiat-backed stablecoins.
Platforms like Shopify have already partnered with Coinbase and Stripe to integrate Circle’s USDC stablecoin into their payment processes. Market leader Tether, with over $155 billion in circulation, plans to introduce a stablecoin specifically targeting US institutional investors. These initiatives reflect corporate faith in the potential of stablecoins.
According to The Block’s data dashboard, the total stablecoin market value recently surpassed $250 billion. US Treasury Secretary Scott Bessent believes the sector could exceed $2 trillion by 2028 with legal backing. This projection highlights the market’s magnitude and future potential.
