The world's two biggest retailers, Amazon and Walmart, are exploring the use or issuance of stablecoins to bypass traditional payment systems and save billions in fees, reports the Wall Street Journal.
These digital tokens, backed by cash or its equivalents, could offer faster payments and reduce the costs associated with card transactions.
Expedia and airlines have also shown interest. Some companies are even considering launching their coins for use in online purchases.
Retailers argue that stablecoins would help avoid delays associated with standard payment rails and reduce hefty interchange fees.
Their plans hinge on the Genius Act, which seeks to regulate stablecoins and recently advanced in Congress.
Visa and Mastercard shares fell 5% on the news. Walmart has also pushed for more credit card competition as it expands into financial services.