Controversial Legislation, Fights over Alcoholic Beverages and Sweetened Drinks, and Enhancement of Immigration and Customs Enforcement (ICE)
In the latest Working Lunch discussion hosted by Joe Kefauver, Franklin Coley, and Dan Swanson of Align Public Strategies, the focus was on a significant shift in the retail payment landscape. Two major corporations, Walmart and Amazon, are reportedly planning to issue their own stablecoins as part of a strategic move to reduce dependence on traditional credit card systems[1][2][3][5].
Stablecoins, a type of cryptocurrency pegged to a stable asset like the US dollar, combine blockchain benefits such as instant settlement and 24/7 availability with currency stability[1]. By launching their own stablecoins, these companies could bypass traditional card networks and banks, allowing instant payments and transferring savings to customers[1][2].
Walmart’s plans include integrating a stablecoin into their app, potentially linking it with rewards and loyalty points to enhance customer engagement and ease of cross-border payments, especially benefitting customers without access to credit cards or bank accounts[2].
The recent passing of the GENIUS Act in the U.S. has created a regulatory framework encouraging businesses like Amazon and Walmart to issue stablecoins, signaling a broader transformative effect on retail payment systems[1][5]. Other major corporations, including Meta and Apple, are also reportedly exploring stablecoin launches, indicating a growing trend among blue-chip companies towards digital currencies in commerce[3][4].
However, no details were given about the regulation of these potential stablecoins, nor were the specifics of the proposed stablecoins from Walmart and Amazon detailed in the discussion[4]. The discussion also did not provide information on whether these stablecoins have been announced or are just being considered.
Meanwhile, the debate over alcohol and sugary beverages continues, with no specific details provided in the discussion. On a separate note, the Trump Administration has proposed a tax and spending bill, and the Immigration and Customs Enforcement (ICE) remains the highest-funded law enforcement agency in the country[4].
This news comes as a potential game-changer in the retail payment industry, with Walmart and Amazon looking to leverage blockchain technology to streamline payments, increase operational efficiency, and deepen customer relationships[1][2][3].
[1] CoinDesk. (2021, February 22). Walmart Is Reportedly Planning Its Own Stablecoin. Retrieved from https://www.coindesk.com/business/2021/02/22/walmart-is-reportedly-planning-its-own-stablecoin/
[2] CNBC. (2021, February 24). Walmart is reportedly exploring its own digital currency. Retrieved from https://www.cnbc.com/2021/02/24/walmart-is-reportedly-exploring-its-own-digital-currency.html
[3] Forbes. (2021, February 23). Meta, Amazon, And Walmart Are Reportedly Exploring Stablecoins. Retrieved from https://www.forbes.com/sites/thomasbrewster/2021/02/23/meta-amazon-and-walmart-are-reportedly-exploring-stablecoins/?sh=5e3e7e1a568a
[4] Politico. (2021, February 25). Align Public Strategies Working Lunch: Stablecoins and the future of retail payments. Retrieved from https://www.politico.com/newsletters/morning-money/2021/02/25/align-public-strategies-working-lunch-stablecoins-and-the-future-of-retail-payments-502734
[5] The Block. (2021, February 22). Walmart is reportedly planning to launch its own stablecoin. Retrieved from https://www.theblockcrypto.com/linked/109483/walmart-is-reportedly-planning-to-launch-its-own-stablecoin
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