Walmart, Amazon Are Coming for Traditional Payments, Mull Dollar-Pegged Stablecoins in the U.S.

Walmart (WMT) and Amazon (AMZN) are considering issuing their own stablecoins in the United States, according to a report by the Wall Street Journal.

These corporate digital tokens, pegged to the U.S. dollar or other government-backed currencies, could dramatically reduce merchant fees and speed up payment settlements, disrupting the dominance of traditional financial institutions.

The move is contingent on the passage of the Genius Act, a proposed regulatory framework for stablecoins that recently passed a key procedural step in Congress. If passed, it could pave the way for large companies to adopt or issue stablecoins as an alternative to existing payment rails.

Read more: Senate Begins Passage of Stablecoin Bill as House Marks Market-Structure Wins

Both companies are still in early stages, exploring private coins or third-party stablecoin partnerships, the report added.

Walmart, long interested in financial services, is also lobbying for amendments that would increase credit-card competition.

Walmart, Amazon were not immediately available for comment at press time.

Read more: U.S. Stablecoin Bill Approval Could Trigger a Long-Term Crypto Bull Market: Bitwise