Retail Giants Eye Stablecoins: Walmart and Amazon’s Big Bet

A New Frontier for Retail Payments

Walmart and Amazon, the titans of U.S. retail, are reportedly planning to launch their own U.S. dollar-pegged stablecoins, aiming to slash payment processing costs and bypass traditional banking systems. According to a June 13, 2025, Wall Street Journal report, these moves hinge on the passage of the Genius Act, a regulatory framework for stablecoins advancing through Congress. But is this a game-changer for consumers or a power grab by corporate behemoths?

Stablecoins: Cutting Costs, Not Corners?

Stablecoins, unlike volatile cryptocurrencies like Bitcoin, are designed to maintain a steady $1 value, making them ideal for payments. Walmart and Amazon see them as a way to reduce billions in credit card fees—Visa and Mastercard’s chokehold on transactions—and speed up settlements, especially for cross-border e-commerce. Amazon’s early discussions focus on a coin for online purchases, while both retailers are also considering a merchant-led stablecoin consortium or third-party solutions like USDC. The promise? Faster, cheaper transactions. The catch? It’s contingent on regulatory approval.

Regulatory Limbo: The Genius Act’s Make-or-Break Moment

The Genius Act, which cleared a Senate procedural vote on June 11 by 68-30, aims to legitimize stablecoins with strict rules: full reserve backing, anti-money laundering compliance, and regular audits. A final Senate vote is set for June 17, with House reconciliation to follow. President Trump’s pro-crypto stance has accelerated corporate interest, but the bill’s 120+ amendments, including unrelated provisions like credit card fee caps, could derail it. X posts reflect cautious optimism, with @anabobeshko noting the retailers’ plans to “cut billions in fees,” while @agentic_t warns of consumers becoming “minnows in a corporate aquarium.”

Corporate Crypto Context: From Bitcoin to Stablecoins

Yesterday, we explored GameStop’s $500 million Bitcoin treasury and the broader corporate crypto surge, with 80 firms holding 3.4% of BTC’s supply. Walmart and Amazon’s stablecoin pivot contrasts with this speculative trend, favoring stability over volatility. Amazon recently rejected a Bitcoin treasury proposal, aligning with Meta and Microsoft, suggesting stablecoins are a safer bet for retail integration. This shift echoes the NCA’s report on crypto’s mainstreaming, from ranchers to retailers, but raises questions about who controls the digital money supply.

Risks and Rewards: A Double-Edged Sword

Stablecoins could reshape payments, but they’re not without baggage. Bloomberg warns that mainstream adoption might widen trade deficits and empower Big Tech, while banks fear deposit drains. Societe Generale’s USD CoinVertible and plans by JPMorgan and others signal a race to dominate stablecoins, but Hong Kong’s strict backing rules highlight regulatory disparities. On X, @AlvaApp sees mainstream adoption accelerating, but “trust issues” around corporate coins persist. Consumers may gain cheaper transactions, but handing payment systems to retail giants could centralize financial power.

Conclusion: Retail’s Crypto Power Play

Walmart and Amazon’s stablecoin ambitions signal a seismic shift in payments, promising lower costs and faster settlements. Yet, as GameStop’s Bitcoin bet showed, corporate crypto moves can spark market skepticism. With the Genius Act’s fate uncertain and trust in corporate coins shaky, this pivot risks entrenching Big Tech’s dominance under the guise of innovation. Crypto may be mainstreaming, but whether stablecoins empower consumers or corporates remains an open question. The retail giants’ next move could redefine money—or merely redirect profits.