Amazon & Walmart Explore US-Dollar Stablecoins Pending GENIUS Act

- Amazon and Walmart exploring launch of U.S. dollar-backed stablecoins. - Progress of GENIUS Act critical for decision. Amazon and Walmart could soon introduce their own U.S. dollar-backed stablecoins, a move that would significantly impact the financial market, though these plans depend on the progress of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. On June 13, 2025, The Wall Street Journal reported that Amazon and Walmart are exploring plans to launch U.S. dollar-backed stablecoins. This move could divert billions of dollars from the traditional banking system and reduce transaction fees for the retail giants. Discussions, which are in the early stages, focus on creating a digital coin for online purchases, although Amazon and Walmart are also considering utilizing external stablecoins through a merchant consortium. However, neither Amazon nor Walmart has officially confirmed these plans. The GENIUS Act, which aims to establish a regulatory framework for stablecoins, plays a crucial role in this development as the bill has advanced in the U.S. Senate, where a procedural vote on a substitute amendment passed 68-30. The Senate expects to hold a final vote early next week, potentially around June 17, 2025. The act mandates that stablecoins must be fully reserved and subject to oversight. Furthermore, merchant trade organizations and Walmart support the GENIUS Act, anticipating it will foster competition against major card networks like Visa and Mastercard and lower expenses. In addition, Shopify recently partnered with Stripe and Coinbase, enabling its merchants to accept USDC, a U.S. dollar-backed stablecoin, for payments. Initially, Shopify merchants in 34 countries can accept USDC payments on the Base network, and these merchants can choose to receive funds in local currency or directly as USDC. Furthermore, major U.S. banks, including Citigroup, JPMorgan Chase, Wells Fargo, and Bank of America, are reportedly discussing a joint stablecoin program. They are considering this program in response to the evolving digital payments landscape and the potential passage of the GENIUS Act. According to CoinMarketCap, as of June 13, 15:09 UTC, USD Coin (USDC) was trading at $0.999, and its 24-hour trading volume had changed by -0.065%.