Walmart and Amazon Aim to Dethrone Traditional Banking With Their Own Digital Currency

While Congress drags its feet on the GENIUS Act, Amazon and Walmart are sitting on what could be the biggest disruption to payments since the credit card. These retail giants want their own stablecoins—digital money pegged to the dollar. The Senate gave the bill a thumbs up in a 68-30 procedural vote back in June, but the final vote? Maybe mid-2025. Maybe.

Amazon and Walmart are plotting the biggest payment disruption since credit cards hit the scene.

Here’s the deal. If this law passes, companies can issue stablecoins without becoming banks. No more paying Visa and Mastercard their cut on every transaction. We’re talking billions in savings. The coins would be backed by real dollars or Treasuries, regularly audited, the whole nine yards. Analysts are throwing around numbers like a $2 trillion stablecoin market by 2028. That’s trillion with a T.

Why should anyone care? Speed. Blockchain payments settle instantly, not in days. Refunds hit your account immediately. Your loyalty points, rewards, and actual money could live in one digital wallet. Simple. The traditional banks and card networks must be sweating bullets—their fee gravy train might be pulling into its last station. When Walmart announced their stablecoin plans, Visa’s stock dropped six percent, making it the worst performer on the Dow that day. Airlines and travel companies like Expedia are also exploring similar digital payment solutions.

Of course, there’s a catch. Always is. These companies need to follow anti-money laundering rules and submit to regular audits. The GENIUS Act demands full transparency. Every transaction gets logged on the blockchain. Big Brother meets Big Retail.

The ripple effects could be massive. If Walmart launches a stablecoin and it works, every retailer from Target to your local grocery chain might follow. Traditional payment rails—those invisible networks that move money around—could become as obsolete as video rental stores. Remember those?

Lower transaction fees might mean cheaper prices. Might. Companies aren’t exactly known for their generosity. But the technology promises better security, faster everything, and more control for both retailers and shoppers. The credit card companies have ruled the payment world for decades. Their reign might be ending. Banks too. Welcome to the future, where your grocery store might also be your bank. Wild times.