Amazon and Walmart Eye the Digital Asset Market: A Move Towards Stablecoins
In a notable shift within the retail and financial sectors, major players like Amazon and Walmart are reportedly considering the introduction of their own digital currencies. According to insights from The Wall Street Journal, these retail behemoths might be venturing into the realm of stablecoins, aiming to significantly cut down on transaction fees and streamline payment processes.
Exploring the Potential of Stablecoins
Industry insiders suggest that some of the largest merchants are actively exploring the issuance or utilization of stablecoins. This strategic move could potentially redirect substantial cash and card transactions away from conventional financial systems, resulting in substantial fee savings. Both Walmart and Amazon are reportedly evaluating the prospect of launching their stablecoins in the U.S., as per sources familiar with the ongoing discussions.
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Amazon and Walmart: Embracing Cryptocurrency?
This isn’t the first instance of Amazon and Walmart delving into such strategies. A report from 2019 highlighted their efforts in securing patents aimed at developing proprietary stablecoins. These companies appear to be quietly competing to become the pioneering U.S. merchants to introduce digital currencies.
More than five years ago, Walmart started advocating for financial services targeting the “unbanked,” a mission closely aligned with the ethos of the cryptocurrency community. In parallel, Amazon has been actively supporting various initiatives within the digital asset realm. A year ago, the company ventured into offering credit packs for Web3 games, alongside proposals from shareholders to incorporate Bitcoin into its balance sheet.
Unlike the scenario in 2019, the current U.S. political climate appears more conducive to such innovations, thanks to a more crypto-friendly stance from the previous administration. However, official announcements from these companies remain pending, and current discussions are enveloped in speculation.
Strategic Advantages of In-House Stablecoins
As per earlier reports, the introduction of proprietary stablecoins by Amazon and Walmart could yield significant benefits, particularly in enhancing customer acquisition and optimizing supply chain operations. These digital currencies could streamline supply chain processes, reducing transaction fees and mitigating exchange rate fluctuations.
Amazon’s supply chain, comparable in scale and efficiency to Walmart’s, stands to gain from such innovations, potentially setting a precedent for other industry players.
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