Trump signs stablecoin law
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GOBankingRates on MSNIf Amazon and Walmart Sell Crypto, Should You Buy It?Amazon and Walmart may enter the crypto space—should you invest if retail giants start selling digital currency? Here’s what investors need to know first.
Stablecoin boosters say the crypto assets can lead to big cost savings, but some analysts are skeptical they will catch on.
After clearing a procedural hurdle in the House of Representatives by a 215-211 vote on 16 July, the GENIUS Act now heads to floor debate, having already secured bipartisan Senate
There's a reason behind the excitement. As a concept, stablecoins are pretty groundbreaking in the world of money. A key vision behind stablecoins is that people and companies should be able to transfer money as digital currency anywhere in the world instantaneously,
Like many payment initiatives at Walmart and Amazon, mitigating card fees is a motive for creating a stablecoin.. If buying the stablecoin and loading an application is managed through the card-avoiding pay-by-bank method, then the cost to the merchant would be relatively inexpensive. "It would also then eliminate fees for payments made using the stablecoin," Wester said.
Bitcoin flipped Amazon to become the fifth-largest global asset, fueled by investor excitement for more regulatory clarity after “Crypto Week” in Washington.
The U.S. Senate has passed a bill to create a regulatory framework for stablecoins, a once-niche corner of the crypto industry that is gaining traction among global companies.
That strategy will become tricky. Coinbase CEO Brian Armstrong has advocated for bundling the two bills together, arguing that only passing the stablecoin bill may hurt enthusiasm or leverage to get the so-called CLARITY Act passed, which stand to remove crypto tokens — and Coinbase's role in selling them — from regulatory crosshairs.
Stablecoins have emerged as one of the fastest-growing segments of the crypto market. These digital coins are currently valued at over $250 billion and now have the attention of banks, major institutional investors, top retailers, and even the U.S. Treasury Department.
Companies have long seen an opportunity for dollar-backed digital tokens, but regulators resisted. Now Congress is pushing through rules while Treasury Secretary Scott Bessent thinks it will boost government debt.