Major global conglomerates, including Walmart, Amazon, and others, are reportedly contemplating the launch of stablecoins.
Breaking: Walmart and Amazon Considering Stablecoin Plunge
📈 Financeflux News 📈
Some of the world's financial giants, including Walmart, Amazon, and a host of others, are reportedly contemplating issuing their very own dollar-pegged cryptocurrencies. This potential shift from traditional finance systems could drastically impact the global financial sector.
According to a recent report from The Wall Street Journal, confidential sources have revealed that these companies are eager to reduce billions in transaction fees by employing stablecoins. Other rumored participants looking into stablecoins are Expedia Group and several unnamed airline companies.
What the Heck is a Stablecoin?
Ah, good question! A stablecoin is a digital currency that is linked to various assets, such as the U.S. dollar, precious metals, or other cryptocurrencies. Typically, each stablecoin is backed on a one-to-one basis, offering lower transaction fees and faster payment processing times.
GENIUS Act: A Closer Look
The companies' decisions on creating their stablecoins may hinge on the fate of the GENIUS Act, a proposed stablecoin bill still working its way through Congress. Introduced earlier this year, the GENIUS Act aims to establish a federal regulatory framework for alternative payment systems, potentially paving the way for more players to compete with traditional financial giants like Visa and Mastercard.
What's Amazon and Walmart Cooking Up?
Amazon has primarily focused on creating a stablecoin for online purchases, while Walmart is allegedly lobbying to amend the GENIUS Act to foster competition in the credit-card sector. Furthermore, the companies are evaluating existing stablecoins in case they decide not to develop their own.
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- The move by Walmart and Amazon to potentially issue stablecoins, along with other financial giants, could significantly alter the cryptocurrency industry and fintech business.
- Blockchain technology, underpinned by stablecoins, is attracting attention from various industries, such as finance, business, and even sports, as evidenced by the FIFA Rivals global launch on mobile devices.
- While Amazon is reportedly developing a stablecoin for online transactions, Walmart is actively engaging in the industry, aiming to amend the GENIUS Act to foster competition in the credit-card sector and evaluate existing stablecoins before making a decision.
