Walmart, Amazon Explore Stablecoins as Senate Advances Regulatory Framework

Walmart and Amazon are actively exploring the issuance of their own stablecoins, a move that could upend the traditional payments ecosystem and potentially save these retail giants billions in transaction fees, according to a report from The Wall Street Journal. Sources familiar with the matter indicate that other large multinationals, including Expedia Group and major airlines, are also considering similar initiatives, signaling a potential shift in how high-volume merchants handle payments in the U.S.

Stablecoins — digital tokens pegged one-to-one to fiat currencies like the U.S. dollar — have gained traction as a means of storing value and facilitating crypto transactions. For merchants, the appeal is clear: bypassing legacy card networks could reduce interchange fees and accelerate settlement times, especially for cross-border transactions.

The timing of these deliberations is closely tied to the legislative progress of the GENIUS Act, which is poised to become the nation’s first comprehensive stablecoin law. The bill, which recently cleared a key Senate procedural vote by a 68-30 margin, aims to establish clear rules for dollar-backed stablecoins, requiring them to be fully reserved and subject to oversight by federal or state regulators. Proponents, including bill sponsor Sen. Bill Hagerty (R-TN), argue that the GENIUS Act will protect consumers, spur innovation, and strengthen the U.S. dollar’s global standing.

However, the bill has become a flashpoint for broader debates over financial regulation. More than 120 amendments have been proposed, including provisions unrelated to stablecoins, such as credit card fee caps and presidential trade powers. Those additions could turn the legislation into a battleground for the future of payments. Notably, Walmart has lobbied for an amendment to introduce more competition in the credit card sector, reflecting merchants’ longstanding frustration with card network fees.

PYMNTS coverage highlights that the GENIUS Act would require stablecoin issuers to maintain robust capital and liquidity buffers, comply with anti-money laundering standards, and submit regular reserve attestations. The GENIUS Act’s fate remains uncertain, with a final Senate vote expected soon and House consideration to follow. Meanwhile, the digital asset sector is closely watching whether regulatory clarity will unleash a new wave of merchant-led innovation — or introduce fresh systemic risks.

As the regulatory landscape evolves, the prospect of Walmart, Amazon, and other major retailers launching stablecoins underscores the urgency for banks, FinTechs and payment providers to adapt to a rapidly changing digital economy.

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