BENTONVILLE, Ark.—With Walmart and Amazon actively considering launching their own stablecoins, one credit union insider suggests cooperatives need to be paying attention to the major retailers’ moves.
As CUToday.info reported, Walmart and Amazon are discussing issuing their own stablecoins, a move that could disrupt the traditional payments system and potentially save the retail giants billions in transaction fees.
Defense Credit Union Council Chief Advocacy Officer Jason Stverak acknowledged that an evolution in the payments sector is likely.
“This includes crypto, digital and cards—avenues that expand the way people can participate in the economy,” he said. “There's going to be new ways to pay for things. For example, Steak ‘N Shake now offers the ability to use Bitcoin to pay for your order. That's obviously not a card anymore. So, there's no fees, etc. We've been encouraging our members to start looking at what they need to ensure they are in sync with their members in terms of how they are adapting and changing to the different environments, and the different payment methods.”
Stverak added that time will tell how this will play out in the payment space.
“But I do think (credit unions) have the right to have some concerns,” he concluded. “If someone has a different ability to pay, they're going to use it—whatever is most advantageous to them.”
The moves come as the Senate considers the GENIUS Act, which may likely become the nation’s first comprehensive stablecoin law.
As CUToday.info reported, the Senate last week voted 68-30 to advance the GENIUS Act, which establishes clear guidelines for stablecoin issuers. A final Senate vote on the legislation vote is expected soon.