Walmart and Amazon Consider Launching Stablecoins

Large retailers are finally embracing cryptocurrencies as they become a more mainstream method of financial transfers. So much so, even Walmart and Amazon are reportedly exploring options to create their own U.S. dollar-backed stablecoins for consumers.

According to a Wall Street Journal inside source, Amazon is in the exploratory phase of issuing a stablecoin for online purchases. Other alleged internal discussions among both Walmart and Amazon executives include how to use non-branded stablecoins, such as creating a group of merchants that all accept one standard cryptocurrency.

Utilizing stablecoins for purchase transactions would circumvent the traditional financial system. Bypassing banks for credit card transactions would save retailers a huge amount of money, including the interchange fee charged whenever a customer swipes a card at checkout.

Retailers could get paid faster, also. Normal credit card transactions can take days to settle, leaving the merchant waiting for funds to transfer. With stablecoin, transactions will likely process much sooner.

Other Large Companies Are Interested in Stablecoin Adoption

Other large companies are purportedly looking into digital coin integration with their payments systems. Earlier this month, Fortune reported that Apple, Airbnb, and social media platform X were evaluating the concept.

“While crypto payments aren’t something we’re focused on integrating into the platform in the near future, we’re always looking at all aspects of payments for ways to improve our community’s experience with it, including developments in digital assets and their use cases,” an Airbnb spokesperson told the outlet.

Purportedly, Elon Musk and payment processor Stripe have discussed using cryptocurrency with his proposed X Money platform. In the past, Musk has hinted at creating an all-inclusive app capable of facilitating peer-to-peer payments, which could also include stablecoin transactions.

Apple is also reportedly looking into a stablecoin option for its Apple Pay system. Circle, a cryptocurrency issuer, has reportedly been approached by Apple about adding a digital coin into its payment infrastructure, per insiders familiar with the conversations.

Neither Walmart nor Amazon has confirmed any plans to issue stablecoins. As yet, the security of stablecoin transactions remains an open question, leaving some retailers hesitant to make any drastic dives into the technology. Plus, there are still a few cryptocurrency regulation gray areas to overcome before it becomes more widely accepted by both retailers and consumers.