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Why Walmart and Amazon Are Reportedly Considering Their Own Crypto Stablecoins
Brandon Bell / Getty Images
Walmart and Amazon have both reportedly explored the option of issuing stablecoins
Key Takeaways
Walmart (WMT) and Amazon (AMZN) are reportedly exploring corporate stablecoins as a customer payment option. The move toward issuing their own cryptocurrencies could potentially reduce the billions of dollars the retail titans pay in credit transaction fees
Stablecoins are a type of cryptocurrency directly pegged to another commodity, often the U.S. dollar. This is meant to prevent the swings associated with crypto assets like Bitcoin.
If a retailer such as Amazon launched its own stablecoin or accepted existing ones at checkout, it could operate a payments system removed from traditional banks and credit card providers. That would potentially save billions of dollars in fees, including interchange fees paid to Visa (V) and Mastercard (MA), The Wall Street Journal reported. Amazon and Walmart have both explored this option, as have Expedia (EXPE) and other companies including airlines, the report said.
However, companies looking to issue stablecoins will need a little help from the government. The Senate is considering a bill known as the Genius Act, which would establish a framework for private companies to issue stablecoins. The proposal passed an initial procedural vote this week but would require a full floor vote in both chambers of Congress.
Walmart and Amazon did not immediately respond to Investopedia requests for comment. Shares of the two retailers were little changed in recent trading. Meanwhile, Visa shares were down 6% and Mastercard stock slid 2%.
Read the original article on Investopedia
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