Walmart and Amazon explore stablecoins launch depending on GENIUS Act progress

According to a report by the Wall Street Journal, Amazon and Walmart are mulling plans to introduce a US dollar-backed stablecoin. The final decision regarding the stablecoin issuance will largely depend on the progress of the GENIUS Act. The introduction of a stablecoin would divert billions from the traditional financial system. 

The report revealed that Walmart and Amazon plan to establish their own US dollar-backed stablecoin, potentially diverting large volumes of transactions away from the traditional financial system and saving billions of dollars in fees.

The report stated that the final decisions about issuing their stablecoins would largely rely on the progress of the GENIUS Act, which will regulate their use.

Amazon and Walmart join the list of firms interested in stablecoins 

Reports say Walmart and Amazon are exploring the launch of their own stablecoins.

Eventually every company is going to realize they can vertically integrate dollar payments into their technology stack, which unlocks lower costs and more opportunity.

Follow the incentive and you…

— Anthony Pompliano 🌪 (@APompliano) June 13, 2025

According to the report, Amazon and Walmart’s plans to issue a stablecoin are in the early stages, with talks focusing on establishing a coin for online purchases. The firms are also considering utilizing external stablecoins through a merchant consortium supported by a single stablecoin issuer. 

U.S. banks such as Citigroup, JPMorgan Chase, Wells Fargo, and Bank of America are also reportedly considering a joint stablecoin program to compete with digital asset sites that are gaining market share quickly.

The GENIUS Act would develop a regulatory framework for stablecoins. The GENIUS Act has already progressed to the Senate, awaiting a final vote on July 17. 

Merchant trade organizations, led by the Merchants Payments Coalition, have been backing the passage of the GENIUS Act, arguing that the proposed regulatory framework would introduce competition against Mastercard and Visa while reducing expenses.

Walmart has also lobbied for the amendment to the GENIUS Act, arguing it would create more competition in the credit card realm. 

The Senate Appropriations Committee said during a Senate hearing that the GENIUS Act would expand the U.S. stablecoin market to $2 trillion by 2028.  U.S. Treasury Secretary Scott Bessent assured that the U.S. dollar-backed stablecoin market would surpass $2 trillion over the next three years.

Bessent also believed that stablecoin legislation backed by U.S. T-bills or treasuries would create a global market that would increase U.S. dollar usage via these stablecoins.

Shopify starts to accept stablecoin payments

The report comes barely a week after Shopify partnered with Stripe to enable merchants to receive payments in stablecoins. Shopify announced that merchants in 34 countries could receive USDC, a U.S. dollar-backed stablecoin. The e-commerce firm said it had partnered with Stripe to help millions of its merchants accept stablecoin payments. 

According to Shopify, shoppers can pay with USDC on Base using their preferred crypto wallets. Stripe will also enable merchants to accept stablecoin payments in their local currency, which will be deposited into their bank accounts just like other payments they receive. Merchants will have the option of transferring the funds as USDC to an external wallet. 

Kaz Nejatian, Shopify’s COO & VP, revealed that Stripe has been handling hard parts of its payments so that its merchants didn’t have to. Nejatian added that Stripe will still be handling the hard parts of payments with stablecoins, making it simple for all merchants to meet increasing global demand without struggling with crypto infrastructure. 

A report by Artemis Analytics showed that over $94 billion in stablecoin payments have been made in the last two years. Monthly stablecoin payment volume increased from less than $2 billion to more than $6.3 billion in the last two years. 

Neetika Bansal, Stripe’s Head of Money Movement and Crypto, said working with Shopify would bring the perks of using stablecoins to many businesses at once. Bansal added that businesses can now reach more markets at reduced costs without altering how they operate. The e-commerce firm also clarified that U.S. platforms using Stripe Connect must turn on stablecoin payments for their customers.

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