Shares of Visa Inc. and Mastercard Inc. fell about 5% after the Wall Street Journal reported that retailers Walmart and Amazon.com are considering issuing stablecoins, which could bypass traditional payment networks. This was reported by Reuters.
According to the publication, Walmart, Amazon, companies such as Expedia Group, and major airlines are discussing the launch of stablecoins in the US. Such a move could redirect billions of dollars in payment turnover from banks and card systems, allowing retail giants to reduce transaction fees and strengthen control over the payment infrastructure. Stablecoins are digital tokens with a fixed value pegged to currencies such as the US dollar. They are typically backed by cash or short-term treasury bonds.
Retailers’ final decisions will depend on the progress of the Genius Act, which provides for the regulation of stablecoins. Although the bill recently passed a procedural vote in the Senate, it still needs both houses of Congress approval.