Shares of Visa (NYSE:V) dropped 5.4%, Mastercard (NYSE:MA) fell 4.6%, and American Express (NYSE:AXP) slipped 2% after a Wall Street Journal article disclosed that leading retailers are considering issuing their own stablecoins to bypass conventional card payment fees. Other payment companies also saw declines, with Capital One (NYSE:COF) down 3%, PayPal (NASDAQ:PYPL) losing 2.6%, and Block retreating 2.4%.

The report highlighted that retail behemoths such as Walmart (NYSE:WMT) and Amazon (NASDAQ:AMZN) have been exploring the possibility of launching their own stablecoins in the U.S. market. This strategy could allow them to process a large volume of transactions outside traditional financial networks, potentially saving billions in fees. Expedia Group (NASDAQ:EXPE) and several major airlines have been reportedly involved in similar talks.

Stablecoins are digital currencies pegged 1:1 to government-issued money and backed by cash or equivalents like Treasury securities. While mainly used for cryptocurrency trading so far, their adoption by retailers for everyday payments could challenge the dominance of established payment processors.

The retailers’ ultimate decision on issuing stablecoins may depend on the progress of the Genius Act, a legislative proposal aimed at creating regulations for stablecoins. Although it has passed an initial procedural stage, the bill still requires approval from both the Senate and House.

If major retailers successfully launch their own digital payment systems, it could disrupt the traditional payment networks’ business models, which rely heavily on transaction fees charged to merchants.

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