Amazon, Walmart Push Stablecoin Plans Amid Senate Bill

Amazon and Walmart are advancing plans to launch their own USD-backed stablecoins, motivated by the potential to save on an estimated $14 billion in annual card processing fees and to streamline global payments. The GENIUS Act, now advancing in the U.S. Senate, would require stablecoin issuers to maintain full reserves and comply with federal oversight, aiming to enhance consumer protections and broader adoption among payment providers. Interest in stablecoins is rising, with 81% of crypto-aware small businesses and a rapidly growing share of Fortune 500 firms exploring adoption. While stablecoins promise faster and cheaper transactions, concerns remain about reserve transparency, highlighted by past incidents such as Tether’s misstatements. The entry of major retailers into stablecoins could accelerate DeFi adoption and significantly impact both traditional financial and crypto markets. This trend reflects a broader move toward digital payment innovation in the retail and tech sectors.