Visa and Mastercard Plunge; Amazon and Walmart Consider Launching Stablecoins
Also, companies like Expedia and major airlines — are considering issuing U.S. dollar- or Treasury-backed stablecoins.
Quick overview
- Shares of Visa and Mastercard fell between 4.7% and 5.2% as Amazon and Walmart consider launching their own stablecoins to reduce transaction fees.
- The initiative by these retail giants, along with others, depends on the approval of the Genius Act for a regulatory framework for digital assets.
- The crypto market also faced declines, with Ethereum dropping 7% and Bitcoin losing 1.7%, amid rising geopolitical tensions.
- Investor appetite for risk assets is being dampened by escalating conflicts, including Israel's recent airstrikes in Iran.
Shares of Visa and Mastercard dropped sharply on Friday, falling between 4.7% and 5.2%, after reports emerged that Amazon and Walmart are exploring the launch of their own stablecoins.
The move aims to reduce transaction fees and gain greater autonomy in payment processing, posing a potential threat to traditional card networks.
According to The Wall Street Journal, both retail giants — along with other companies like Expedia and major airlines — are considering issuing U.S. dollar- or Treasury-backed stablecoins. The progress of this initiative hinges on the approval of the Genius Act, which would establish a regulatory framework for digital assets.
While analysts note that the immediate impact on Visa and Mastercard is limited, the announcement signals a growing trend of large retailers seeking alternatives to legacy payment networks.
Crypto Market Tumbles Amid Rising Geopolitical Tensions
As the crypto ecosystem broadens, digital assets are under pressure this Friday, June 13. Ethereum plunged 7%, breaking below the critical $2,600 mark to trade at $2,559. Bitcoin also declined, though more modestly, losing 1.7% to $105,587, according to Binance, pulling further back from its all-time high.
The selloff extended across altcoins, with losses of up to 8.5%. Avalanche led the drop, followed by Sui (-8%), Solana (-6.9%), Cardano (-6.3%), and Dogecoin (-5.2%).
These declines come amid heightened geopolitical and trade-related volatility, which is dampening investor appetite for risk assets.
On Friday, Israel launched a large-scale preemptive airstrike targeting nuclear and military sites in Iran. The Israeli military warned of an imminent missile and drone attack on its territory and civilian population, further escalating tensions in the region.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Sidebar rates
Join 350 000+ traders receiving Free Trading Signals
