Walmart and Amazon Consider Issuing US Dollar-Backed Stablecoins Amid Growing Interest

TLDR

Table of Contents

Walmart and Amazon may launch USD-backed stablecoins, pending U.S. regulatory clarity.
GENIUS Act passed Senate vote 68–30; final vote set for June 17.
Shopify to enable USDC payments by end of 2025, joining stablecoin adoption trend.
U.S. stablecoin market could hit $2T by 2028, says Treasury Secretary Bessent.

Walmart and Amazon are considering the development of U.S. dollar-backed stablecoins, as reported by The Wall Street Journal on June 13. The move is part of a broader shift among global companies exploring digital currency solutions to improve payment efficiency and reduce transaction costs.

Both firms are assessing the use of brand-specific stablecoins to support faster settlements, lower fees, and improved cross-border payment options. According to individuals familiar with the matter, the companies have not confirmed any launch date, and their decision will depend heavily on upcoming federal legislation.

Stablecoins Could Reshape Retail Payment Infrastructure

Amazon and Walmart generate hundreds of billions of dollars in annual revenue and handle large volumes of digital transactions. Amazon recorded $638 billion in total revenue in 2024, with $447 billion from global e-commerce sales, according to Statista. Walmart’s global online sales passed $100 billion in 2023, making up 17.8% of its total annual revenue.

The use of stablecoins by these firms could change the way payments are processed in their ecosystems. A digital currency backed by the U.S. dollar could provide customers and merchants with lower transaction costs and faster checkout experiences. If implemented, this system might also reduce the companies’ dependence on banks and card networks, potentially saving billions in processing fees.

E-commerce platforms like Shopify are also moving toward digital currency integration. Shopify recently confirmed plans to adopt USDC payments by the end of 2025. This signals growing support among retailers for blockchain-based payment options.

GENIUS Act Could Influence Corporate Stablecoin Strategy

The potential stablecoin launches by Walmart and Amazon may rely on the outcome of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. This legislation is designed to create a national framework for fiat-backed stablecoins, and it sets rules for how they must be issued and backed.

The U.S. Senate advanced the GENIUS Act in a 68–30 vote on June 12, moving it to a full Senate vote scheduled for June 17. If approved, the bill will go to the House of Representatives, where a different version is under review. Lawmakers must then align both versions before the bill can be sent to President Donald Trump.

The GENIUS Act includes requirements that stablecoins be fully backed by U.S. dollars or similar liquid assets. It also proposes annual audits for issuers with over $50 billion in stablecoin circulation and includes regulations for foreign stablecoins operating in the U.S. market.

Government and Financial Institutions Support Broader Stablecoin Use

President Trump’s administration has expressed strong support for stablecoin legislation and aims to finalize the GENIUS Act before Congress adjourns this summer. Treasury Secretary Scott Bessent recently stated that the stablecoin market could reach $2 trillion by 2028, given proper legislative support.

“Stablecoin legislation backed by U.S. treasuries will create a market that will expand U.S. dollar usage via these stablecoins all around the world,” Bessent said during a Senate hearing. He added that such growth would help strengthen the dollar’s role in international finance.

Traditional financial institutions are also showing interest in launching stablecoins. Major banks including JPMorgan, Citigroup, Bank of America, and Wells Fargo are reportedly discussing a joint stablecoin initiative. The Depository Trust and Clearing Corporation (DTCC) has completed pilot studies showing stablecoins could help with real-time collateral management.

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