Shares of payment giants Visa Inc. (NYSE: V) and Mastercard Inc. (NYSE: MA) took a significant hit on Friday, June 13, 2025, following a Wall Street Journal report that major retailers like Walmart Inc. (NYSE: WMT) and Amazon.com Inc. (NASDAQ: AMZN) are considering issuing their own stablecoins.
The news sparked concerns over potential disruption to traditional payment networks, sending Visa’s stock down 6.35% to $347.83 and Mastercard’s down 5.64% to $556.02 in late morning trading .
The Wall Street Journal revealed that retail behemoths, including Walmart and Amazon, alongside other multinationals like Expedia Group and major airlines, are exploring stablecoin initiatives to bypass the costly transaction fees associated with credit card networks.
Stablecoins, digital tokens pegged to stable assets like the U.S. dollar, offer retailers the promise of reduced interchange fees—often ranging from 1.5% to 3% per transaction—and faster settlement times, potentially saving billions annually.
For companies like Amazon, which reported $638 billion in net revenue for 2024, even marginal savings could translate into substantial gains
The move toward retailer-issued digital currencies poses a direct threat to the revenue models of Visa and Mastercard, which have long dominated payment processing.
Investors reacted swiftly, with additional declines seen across related financial stocks, including American Express (down 2%), Capital One (down 3%), PayPal (down 2.6%), and Block (down 2.4%). The market’s response reflects fears that widespread stablecoin adoption could divert significant transaction volume away from traditional card networks.
Adding to the momentum behind stablecoins is the advancing legislative framework in the U.S. The GENIUS Act, which recently passed a key Senate procedural vote, aims to establish clear regulatory guidelines for stablecoin issuers, requiring full reserves and federal or state oversight. This could provide the legal clarity retailers need to proceed with their plans .
While Visa and Mastercard face immediate pressure, both companies have diversified revenue streams and may adapt by integrating blockchain solutions or partnering with stablecoin initiatives.
However, the prospect of retail giants creating independent payment ecosystems signals a potential paradigm shift in how billions in consumer transactions are processed, challenging the long-standing duopoly in the payments industry.
