Retail leaders Walmart and Amazon are reportedly considering the issuance of US dollar-backed stablecoins, according to sources cited by The Wall Street Journal.

A stablecoin payment system could potentially redirect billions in cash flow from traditional banking partners by enabling faster and cheaper transactions for the companies’ extensive customer bases.

Amazon recorded $638 billion in annual revenue for 2024, with global e-commerce sales accounting for approximately $447 billion, while Walmart’s global e-commerce sales surpassed $100 billion in 2023, making up 17.8% of its total yearly sales.

Neither company has officially confirmed its stablecoin plans, but the move reflects growing interest among major institutions as regulatory clarity improves in the United States.

The potential issuance of stablecoins by Walmart and Amazon is closely tied to the progress of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.

The legislation seeks to clarify collateralization requirements and ensure compliance with Anti-Money Laundering laws, which could strengthen institutional adoption of stablecoins.

The US Senate advanced the GENIUS Act with a 68–30 vote, setting the stage for further debate and a potential House vote.

Senate Majority Leader John Thune called for bipartisan support, stating,

It’s time for Congress to provide a clear and responsible framework for stablecoin innovation in the United States.

Financial institutions including JPMorgan, Bank of America, Citigroup, and Wells Fargo have also discussed joint stablecoin initiatives, while DTCC Digital Assets highlighted stablecoins’ role in real-time collateral management.