Walmart (WMT) and Amazon (Amzn) are considering issuing their own stablecoins in the United States, according to a Wall Street Journal report.
These company’s digital tokens, which are linked to the US dollar or other government -backed currencies, could dramatically reduce commercial fees and accelerate payment settlement and disrupt the dominance of traditional financial institutions.
The move is conditional on the adoption of the Genius Act, a proposed regulatory framework for stableecoins, which has recently adopted a central procedural step in Congress. If it was passed, it can pave the way for large companies to adopt or issue stablecoins as an alternative to existing payment rails.
Read more: The Senate begins passage of stableecoin bill as houseplates Market structure wins
Both companies are still in early stages and are exploring private coins or third-party stable co-partnerships, the report added.
Walmart, who is long interested in financial services, lobbies also for changes that would increase the credit card competition.
Walmart, Amazon was not immediately available for comment at the time of the press.
Read more: US StableCOin Bill approval could trigger a long-term crypto bull market: Bitwise
