Amazon and Walmart might get their own crypto
Retail giants like Walmart, Amazon, and Expedia hope that you will one day make your purchases using stablecoins, according to a report from the Wall Street Journal.
If the Genius Act passes the Senate, then a new regulatory framework for stablecoins would make it easier for merchants to save billions of dollars in fees that they now pay to credit-card companies and other middlemen, by issuing their own stablecoins.
Stablecoins are cryptocurrencies backed by cash reserves, intended to be at parity with government fiats, i.e. the U.S. dollar. They are generally used by crypto traders who want to keep their money invested on a crypto exchange and easily go in and out of different crypto investments without paying high fees to cash out. They…
