DeutschA stablecoin rush is currently taking place in the USA. Countless large companies are already working on their own tokens or have publicly expressed interest in the new line of business – from JPMorgan and Bank of America to Amazon and Walmart.
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Stablecoin Rush in the USA: Amazon, Walmart, BoA with Their Own Tokens
Thanks to new laws, a stablecoin rush is beginning in the USA – according to a report by Reuters. According to the report, financial institutions are pushing ahead with the creation of their own stable tokens – including Bank of America.
Bank of America (BoA) is the second-largest financial institution in the United States of America and the second-largest listed bank worldwide. In addition to it, other institutions are also showing great interest in stablecoins – Reuters cites the financial companies Fiserv and Citigroup, but also the retail chain Walmart or the shopping portal Amazon, as examples. The world’s largest bank, JPMorgan Chase & Co., has also expressed interest in stablecoins.
Behind this development is a new law that US President Donald Trump signed on July 18 – the GENIUS Act. The US Stablecoin Act creates regulatory clarity. Supporters consider it an important milestone for crypto in the USA because it could enable the everyday use of stablecoins.
The tokens could become increasingly important, especially as a means of payment in retail stores. Established banks and financial companies also want to profit from these new opportunities and are therefore currently trying to position themselves early on.
Experts Warn: Stablecoin Creation not Easily Possible
According to Reuters, experts have so far been little convinced by GENIUS. The law does not simplify the creation of stablecoins as much as the financial industry expects.
“The new law will not immediately lead to a flood, experts say. The newly discovered opportunity of stablecoins can lead to numerous difficulties for companies, both strategic and technical in nature”, Reuters explains.
Apparently, there are still legal concerns regarding the use of stablecoins. The cost structure for the operators should then also increase significantly. The operation of the tokens requires increasing regulatory interventions, which then have to be paid for.
In particular, companies that have not previously used KYC and AML processes would first have to become familiar with the regulatory structures.
“Companies that already have KYC programs (…) could have a competitive advantage”, says compliance expert Jill DeWitt.
According to Reuters, the US companies that are now newly interested in stablecoins are facing a wealth of technical questions. So far, most of the companies have no experience in dealing with cryptocurrencies.
For many of them, the question arises, for example, whether a public blockchain can actually meet their own requirements. Alternatively, private blockchains could be used, which the companies then have to operate independently. They can exercise greater control over these.
The institutions should still have enough time until the GENIUS Act comes into force. The Stablecoin Act will be activated no later than January 2027.
