As the U.S. Stablecoin legislation “GENIUS Act” approaches, many companies are considering entering the field and issuing their own stablecoins.
Among them, the two retail giants in the United States, Amazon and Walmart, are reportedly considering issuing their own dollar stablecoins to simplify e-commerce transaction processes and payment costs.
The two retail giants consider issuing stablecoins, Shopify takes the lead in integrating USDC payments
According to a report by The Wall Street Journal on June 14, Walmart and Amazon are evaluating the development of “brand-specific” stablecoin plans that will adopt a dollar-pegged model, providing their own users with a payment tool. However, so far, neither company has responded to this.
Amazon’s total revenue for the fiscal year 2024 is expected to reach $638 billion, with e-commerce sales estimated at $448.64 billion. Meanwhile, Walmart’s global revenue for the fiscal year 2025 is projected to be $680.99 billion, with global e-commerce sales estimated to exceed $120 billion. If both retail giants launch their own stablecoins, it could not only make the payment process faster and cheaper for users but also potentially redirect the vast capital flow that traditionally goes through banking systems directly to their own payment platforms, further weakening the intermediary role of banks.
Another global e-commerce platform, Shopify, also announced a partnership with Coinbase to launch a new Commerce Payments Protocol.
This protocol operates on the Base chain and uses the stablecoin USDC as a medium for transactions, seizing the first-mover advantage in the blockchain payment application market.
(Shopify and Coinbase partner to launch Commerce Payments Protocol: Blockchain payments enter physical commerce)
The “GENIUS Act” remains crucial and is now entering substantive review.
According to reports, the U.S. Securities Depository Trust Company (DTCC) stated on May 15 that stablecoins are the best option for real-time collateral settlement, which can modernize the traditional financial system and significantly simplify operational processes, presenting a major upgrade opportunity for the entire financial market.
However, whether these tech and e-commerce companies will issue stablecoins still depends on the legislative progress of the stablecoin bill “GENIUS Act.” The bill passed a procedural vote in the Senate on June 11 with a vote of 68 to 30, preparing to enter the review stage.
Overall, from Walmart and Amazon to Shopify and various institutions, stablecoins have become the next wave of “payment revolution” in the eyes of mainstream financial and tech e-commerce giants. Whether this can take off hinges on the regulatory framework for stablecoin applications set by the “GENIUS Act.”
(The “GENIUS Act” enters substantive review! U.S. Treasury Secretary praises: Stablecoin market to exceed $2 trillion within three years)
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