Amazon and Walmart are exploring the launch of U.S. dollar-backed stablecoins, a move that could reshape how digital transactions flow through the global e-commerce sector, according to people familiar with the matter cited by the Wall Street Journal.
The two retail giants are reportedly evaluating proprietary stablecoins as part of broader efforts to cut costs, speed up transactions, and reduce their dependence on traditional banking infrastructure. Neither company has confirmed the initiative, but insiders suggest the plans are advancing amid a more favorable regulatory landscape in the U.S.
Stablecoins—cryptocurrencies pegged to traditional fiat currencies—offer faster and cheaper settlements compared to credit cards or bank transfers. For Amazon, which reported $638 billion in annual revenue in 2024 with $447 billion generated through e-commerce, even marginal savings on transaction fees could translate to billions. Walmart, meanwhile, disclosed $100 billion in global e-commerce revenue in 2023, or nearly 18% of its total annual sales.
Any move by Amazon or Walmart into stablecoin issuance would mirror broader institutional interest in tokenized payments. Shopify has already announced plans to integrate USDC payments before year-end, while financial heavyweights like JPMorgan and Citigroup are reportedly in early discussions about launching joint stablecoin initiatives.
The retail push into digital currencies may hinge on the GENIUS Act—a bipartisan bill recently advanced in the Senate. The legislation aims to set clear standards for stablecoin reserves and ensure compliance with anti-money laundering regulations. If passed, it could provide the regulatory certainty needed to accelerate corporate adoption of stablecoin payment rails.
As lawmakers debate the future of U.S. stablecoin policy, Amazon and Walmart appear to be laying the groundwork for what could become a major disruption to both e-commerce and payments infrastructure.