The timing of these deliberations is closely tied to the legislative progress of the GENIUS Act, which is poised to become the nation’s first comprehensive stablecoin law. The bill, which recently cleared a key Senate procedural vote by a 68-30 margin, aims to establish clear rules for dollar-backed stablecoins, requiring them to be fully reserved and subject to oversight by federal or state regulators.
As the regulatory landscape evolves, the prospect of Walmart, Amazon, and other major retailers launching stablecoins underscores the urgency for banks, FinTechs and payment providers to adapt to a rapidly changing digital economy.