Walmart, Amazon and other huge global companies are reportedly investigating the benefits of having their own stablecoins.
According to a new report from The Wall Street Journal, anonymous people who are familiar with the case say that some of the world’s largest retailers are considering publishing their own Dollar-Pegeto-Crypto assets in the US in an attempt to save billions of dollars in transaction costs.
Such a step would mark a major shift from the traditional financing system, including the largest banks and credit providers in the country. Other companies that are said to investigate the potential use of Stablecoins include Expedia Group and not mentioned airlines.
Stablecoins are digital assets linked to other assets such as the dollars, precious metals or other crypto assets are usually supported on one on one. Stablecoins recently won a grip due to their low transaction costs and faster payment processing times.
The decisions of the companies can ultimately depend on the fate of the genius law, a stablecoin account that still comes through the congress and still passes both room.
The Genius Act, which was introduced earlier this year, is intended to set up a regulation framework for alternative payment systems and to open the door for new players to compete with giants such as Visa and Mastercard.
The sources say that Amazon’s Stablecoin reconnaissance is usually aimed at making one for online purchases, while Walmart has lobby to change the Genius Act to introduce more competition in the credit card sector.
The companies also consider how they can use existing stablecoins if they decide not to make their own.
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Featured image: Shutterstock/Natalia Siiatovskaia/Tithi Laadthong