Amazon and Walmart are gearing up for a massive shake-up in how we pay at checkout, and it’s got traditional banks sweating.
Both giants are reportedly exploring USD-backed stablecoins, which could change the payment game completely by cutting costs, speeding up transactions, and minimizing the need for traditional banking.
So, what’s a stablecoin?
It’s a type of cryptocurrency, but without the chaos of Bitcoin-style price swings. These coins are tied to real-world assets, like the U.S. dollar or even gold, which makes them super stable and reliable. If Walmart and Amazon go ahead with it, shoppers could soon use these coins for everyday purchases.
They’re not diving in just yet, though. Both companies are holding off until the GENIUS Act, a new federal bill designed to regulate stablecoins, gets fully approved. It’s already been advanced by the Senate but still needs to clear more hurdles.
Here’s what makes stablecoins so appealing:
- Lower processing fees: Cuts out middlemen and reduces credit card charges.
- Faster global payments: Transfers happen in seconds, not days.
- Less dependence on banks: Makes financial transactions easier without traditional bank involvement.
- Stable value: Pegged to the USD, so no wild price swings like Bitcoin.
Big banks are also taking notes. JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo are working on their own stablecoin too. Their version would also be pegged to the dollar and used for consistent digital payments.
Industry insiders like Bentzi Rabi, CEO of Utila, think this shift is inevitable. He believes every fintech company, bank, and payments system will eventually hop on board. They’ll all need systems to tokenize, hold, and move these digital assets securely.
Meanwhile, in Washington, the GENIUS Act is causing a bit of political drama:
| Side | Who | What They’re Saying |
|---|---|---|
| Pro-Stablecoin | Sen. Bill Hagerty (R-TN) | “We’ll fall behind globally if we don’t act now.” |
| Cautious/Opposed | Sen. Jeff Merkley (D-OR) | “Where are the guardrails? This bill lacks protections.” |
If passed, the bill would allow retailers like Walmart and Amazon, and even banks, to legally issue and hold stablecoins in the U.S.
And yeah, these retail giants aren’t new to financial moves. Recently:
- Walmart’s CEO dropped a four-step plan to lower prices and boost American-made products.
- Amazon’s CEO warned customers that rising costs may be passed down if nothing changes soon.
With stablecoins in the picture, that “something” might finally change.
So, what does all this mean for you? If stablecoins go mainstream:
- You could make purchases instantly, without waiting on banks.
- Processing fees might shrink.
- Credit cards might feel outdated.
- The way we handle money online could completely evolve.
The next few months will be crucial. If the GENIUS Act becomes law and Amazon or Walmart take the leap, you might be shopping with digital dollars sooner than you think. Either way, one thing’s clear: the future of money is getting a serious makeover, and banks better be ready to compete.
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