Retailers such as Amazon and Walmart pay commissions Visa or Mastercard every time a customer uses these cards. Of course, stores are not happy about losing money. That is why Amazon seems to be in the initial stages of developing its own stablecoin. It is reported that there have been discussions about using external stablecoins for payments.
On the one hand, it is easy to create your own stablecoin, but on the other hand, it is difficult to create significant financial reserves to support it. Stablecoins are usually pegged to the dollar, and theoretically, the issuer of a stablecoin holds a dollar or the dollar equivalent for each stablecoin
The likelihood that retailers will launch their own cryptocurrency will likely depend on whether Congress passes the so-called GENIUS Act, which would establish regulation of stablecoins. Facebook experimented with the idea of issuing its own cryptocurrency back in 2019, but the project was closed (and is now looking in that direction again).
According to insiders, Walmart lobbied for a separate amendment that would introduce more competition in the credit card sector. The retailer has long sought to enter the fintech sector.
Source: The Wall Street Journal
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