Update June 13, 10:30 am UTC: This article has been updated to include a section on the GENIUS Act.

Walmart and Amazon are reportedly mulling plans to issue their own US dollar-backed stablecoins for customers, signaling wider institutional stablecoin adoption amid improving regulatory clarity in the United States.

The two retail giants are mulling the development of brand-specific stablecoins, according to people familiar with the matter, The Wall Street Journal reported on Friday.

While neither of the companies confirmed the stablecoin plans, a stablecoin payment system for either could divert billions in cash flow from their banking partners.

Amazon reported $638 billion worth of annual revenue in 2024, with global e-commerce sales reaching about $447 billion for the platform, Statista data shows.

Walmart’s global e-commerce sales surpassed $100 billion in 2023, accounting for 17.8% of the company’s yearly total sales, it reported in August 2024.

A stablecoin-based payment rail would offer faster and cheaper transactions, helping such large companies save billions in banking fees.

Global e-commerce giant Shopify has already confirmed plans to integrate USDC (USDC) payments for its users before the end of 2025, Cointelegraph reported on Friday.

Cointelegraph has approached Amazon and Walmart for confirmation on their stablecoin launch plans.

The stablecoin issuance plans of the shopping giants will likely hinge on the outcome of a key piece of legislation, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.

The bill aims to set clear rules for stablecoin collateralization and mandate compliance with Anti-Money Laundering laws, which may bolster institutional stablecoin adoption in the world’s largest economy.

The US Senate advanced the GENIUS Act in a 68–30 vote on Thursday, with Majority Leader John Thune urging members of Congress to support the bill.

Most senators, including several Democrats, voted to invoke cloture for the bill, setting it up for debate and a full floor vote before potentially sending it to the House of Representatives for further consideration.

Firms linked to financial giants like JPMorgan, Bank of America, Citigroup and Wells Fargo have also reportedly discussed a potential joint stablecoin launch.

DTCC Digital Assets also sees stablecoins as the “perfect” financial instrument for real-time collateral management, which could modernize and simplify the financial system, according to a pilot study reported by Cointelegraph on May 15.