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With the GENIUS Act now signed into law, I expect to see an influx of new stablecoins from fintechs and institutions.
What are some of the largest names signalling an issuance and why?
Revolut
On the 25th of June, reports surfaced that Revolut is exploring a proprietary stablecoin.
The aim is to deepen its crypto offering and power its global payments stack.
Amazon
Similarly, a report was released that indicated Amazon is in the earliest stages of launching a stablecoin for its online retail platform.
The company has thus far not issued an official statement, this only emerged from a report released in June.
Bank of America
In June, CEO Brian Moynihan confirmed that the US’ second-largest bank is deeply considering launching stablecoin.
The statement made by Moynihan came before the passing of the GENIUS Act and explicitly mentioned the need for clear legislation to move forward.
Since June, no official statement on the subject of BoA’s stablecoin has been released.
Likewise, there has been a wave of banks that are also exploring how they can issue a stablecoins for their retail banking arms.
Outside of BoA, some names in this category include Citi and Wells Fargo.
JP Morgan
Recently, JPM announced its deposit coin on Base.
Structured under the GENIUS Act framework, it highlights the institution's intent to integrate digital dollars into its legacy rails.
Wallmart
Much like Amazon, Walmart is considering how stablecoins can positively impact its online retail platform.
The company has not yet released an official statement on the subject.
Beyond these names, firms such as Expedia for retail purchases and Fidelity for trading collateral are eyeing the stablecoin market.
The rise of stablecoins is only just beginning.
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