Walmart and Amazon are preparing to launch their own stablecoins as the U.S. Senate advances landmark legislation that would establish a federal regulatory framework for privately issued digital dollars for the first time.
The companies have not made formal announcements or filed license applications, but internal teams have begun evaluating technology partners and compliance paths. Their primary incentive appears to be cost reduction.
Card processing fees range between 1% and 3%, and Walmart and Amazon spend an estimated $14 billion annually (this involves net sales, subtracting AWS, and applying an average 1.8% interchange fee) on such costs. A 1% reduction would translate to roughly $1 billion in annual EBITDA gains. Amazon’s payment volume positions it for comparable benefits.
Issuers operating above $10 billion would face both state and federal oversight. The bill has bipartisan support, with Sen. Kirsten Gillibrand (D-NY) framing it as a mechanism to protect consumers while enabling innovation. Sen. Cynthia Lummis (R-WY) has echoed this sentiment, citing its importance in preserving the dollar’s global role.
Nearly half rank “real-time settlement” as the primary advantage over existing rails, ahead of cost savings. This convergence of retail and financial infrastructure interest has prompted major U.S. banks to begin exploring their own joint stablecoin project to maintain a presence in settlement layers.
It avoids algorithmic assets, imposes full-reserve backing, and focuses strictly on payment functionality. These constraints appear designed to provide a politically viable path for private sector innovation without ceding monetary sovereignty.
Walmart and Amazon’s potential entry into the stablecoin space would mark the first time retail giants issue digital dollars under an explicit federal rulebook.
Their consumer base and transaction scale could rapidly accelerate adoption, with checkout stablecoin usage becoming common in e-commerce and supply chain payments.
