Large US retailers consider creating their own cryptocurrency
As reported by the Wall Street Journal retail giants Walmart and Amazon consider creating own so-called “stablecoins” (cryptocurrencies backed pegged to other assets, e.g. US dollars). This came just days before the “GENIUS Act”, a law regulating the issuing of such coins, was passed by the senate. In the best case the retail giants just try to cut costs and avoid fees from banks and payment companies such as Visa and Mastercard — but critics of the law warn that the rules regarding such stable coins are much more lax than those for classic payment products.