Overview

• The Senate is poised to vote on the GENIUS Act next week, which would establish a US regulatory framework for stablecoins.
• Reports indicate that Amazon and Walmart are exploring proprietary dollar-pegged stablecoins or third-party partnerships to reduce multibillion-dollar card processing fees.
• Expedia, several airlines and Apple have signaled interest in issuing or adopting stablecoins for faster, lower-cost transactions.
• Shares of Visa and Mastercard dropped more than 5% following news of potential retailer-issued stablecoins.
• Senators and consumer advocates warn that allowing retailers to issue private cryptocurrencies could pose privacy, competition and financial stability risks.