Walmart, Amazon consider issuing own stablecoins: WSJ (Coin Telegraph)
According to the Wall Street Journal (WSJ), Walmart and Amazon are considering issuing their own USD-backed brand-specific closed-loop stablecoins. The main motivation is to bypass traditional payment networks like Visa and Mastercard, to eliminate the substantial fees these retailers currently pay, including interchange fees (about 1.8%), network fees (0.14%), and payment processor fees (0.40%). The timing of these deliberations is closely tied to the legislative progress of the GENIUS Act, which is poised to become the U.S.’s first comprehensive stablecoin law. [Read more at CoinTelegraph]
Coinbase Debuts Stablecoin Payment Stack Following Shopify Partnership (CoinDesk)
Coinbase has launched Coinbase Payments to expand into the global payments market using its Ethereum layer-2 network Base. The service brings USDC stablecoin payments to merchants, supporting 24/7 transactions without requiring any blockchain know-how. It is already live with e-commerce platform Shopify. The new service integrates three modular components: The Stablecoin Checkout lets customers pay using wallets like MetaMask, Phantom, and Coinbase Wallet in a gas-less, browser-native experience. The Ecommerce Engine gives platforms an API to handle key functions like authorization, refunds and ledgering. And the Commerce Payments Protocol executes transactions through smart contracts, handling mechanics like delayed capture or on-chain escrow. [Read more at CoinDesk]
Ubyx stablecoin clearing network raises $10m (Ledger Insights)
Ubyx announced a $10 million seed funding round led by Galaxy Ventures and including Founders Fund, and Paxos, Payoneer. Ubyx aims to provide a clearing system enabling anyone to easily on and off-ramp between bank accounts and stablecoins. Although Circle’s Circle Payments Network (CPN) does something similar, it is focused on Circle’s own stablecoins (e.g., USDC and EURC). Ubyx aims to provide this distribution and redemption service for numerous stablecoins. [Read more at Ledger Insights and the Ubyx white paper here]
Upcoming Speaking Engagements:
The CB+DC Conference (Nassau, Bahamas, September 9-11) is a premier gathering centered on CBDCs, tokenized assets, and stablecoins. It provides a forum for central bankers, commercial bankers, technology innovators, policymakers, and academics to explore the latest advancements in digital currency, engage with experts and peers, and discuss the future of digital currency. [Register here but before you do, email me at john@kiffmeister.com for a 15% discount]
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