As Congress dives into what’s being dubbed “crypto week,” the world’s biggest companies are making their own moves in the digital currency space. Stablecoins, which are cryptocurrencies pegged to traditional assets like the U.S. dollar, are no longer just the domain of crypto startups. Today, household names in retail, banking, and payments are either launching their own stablecoins or seriously considering it. The result is a global race to define the future of money, and the stakes have never been higher.
Walmart Inc. (NYSE: WMT) and Amazon.com Inc. (NASDAQ: AMZN) are reportedly exploring the launch of their own stablecoins. The motivation is simple: both companies pay billions in credit card fees each year, and a proprietary stablecoin could help them sidestep those costs. By issuing their own digital tokens, Walmart and Amazon could create payment systems that operate outside traditional banking rails, potentially offering faster transactions and lower fees for themselves and their customers. While neither company has confirmed a launch date, their interest signals that stablecoins are moving from crypto niche to retail mainstream.
It’s not just tech and retail. Major U.S. banks, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, are in early talks to jointly issue a stablecoin. This project, still in the discussion phase, would be a consortium-backed digital dollar designed to keep banks relevant as crypto-native firms and fintechs chip away at their dominance in payments. The consortium is reportedly working with Early Warning Services, the operator of Zelle, and The Clearing House, which powers real-time payment networks. Their goal is to create a stablecoin that offers the speed and efficiency of blockchain, but with the trust and regulatory oversight banks are known for.
On the international front, France’s Société Générale announced plans to issue a publicly tradable stablecoin backed by the U.S. dollar through its digital asset subsidiary. Spain’s Banco Santander is also contemplating a move into stablecoins, reflecting a broader trend among European banks to experiment with digital assets as regulations become clearer.
PayPal Holdings Inc. (NASDAQ: PYPL) made headlines in August 2023 by launching PayPal USD (PYUSD), making it the first major fintech to introduce a stablecoin for payments and transfers. PYUSD is issued in partnership with Paxos, a company that also powers other stablecoin projects. Circle Internet Financial (NYSE: CRCL), the creator of USDC, is another big player. USDC is now one of the world’s largest stablecoins by market cap, and Circle has built a reputation for transparency by publishing weekly attestations of its reserves.
Fiserv (NASDAQ: FI) recently launched FIUSD, a new stablecoin built on infrastructure provided by both Paxos and Circle. This move is aimed at financial institutions looking to offer their clients faster and more cost-effective settlement options.
In Asia, Japan’s MUFG has already launched the Progmat Coin, a stablecoin infrastructure designed for institutional use. The coin is backed by funds held in trust, and it’s being used for real-time settlement of NFT and crypto asset transactions in Japan. Meanwhile, Singapore’s Ant International is “seriously considering” applying for stablecoin licenses in multiple countries, signaling that the stablecoin trend is very much global.
All of this is happening as U.S. lawmakers debate the GENIUS Act, a bill that would set out rules for private companies to issue stablecoins. The bill’s progress is being watched closely by the corporate world, as clear regulation could open the door for even more companies to launch their own digital currencies.
Stablecoins have rapidly moved beyond the realm of crypto insiders and are now being embraced by some of the world’s largest companies as essential financial tools. Major enterprises are leveraging stablecoins to streamline cross-border payments, reduce transaction costs, and automate treasury operations, with real-world examples from global giants like Siemens and Citi showcasing the technology’s impact on efficiency and liquidity. As regulation matures and stablecoins become further integrated into mainstream financial infrastructure, their role is shifting from experimental to foundational, enabling businesses to access faster settlements, optimize cash management, and expand into new markets with greater confidence and speed. This evolution signals that stablecoins are not just a passing trend, but a transformative force reshaping how global commerce and corporate finance operate.
