The Wall Street Journal reported that Walmart and Amazon are planning to issue stable coins.
Walmart and Amazon represent almost 20% of the online and offline retail USA market. Creating their own currency would be a significant addition to the wide range of financial services they currently offer.
Without Walmart and Amazon, stable coin transactions exceeded $6.6Tn last year and are growing over 60% per year. One of the most common use cases (of many) is for international transactions.
If new legislation allows for it, the impact on financial institutions and their providers will be significant. The market shares this view. Shares of Mastercard dropped by 6.2% while Visa lost more than 7.1%.
Credit unions stand to lose:
Interchange fees
AUM
Member attention
Direct Deposits
And much more…
It’s time for credit unions to choose: get on board or get flattened by the potential coming of the crypto currency steam roller. As Napoleon Bonaparte said, “If you can’t beat them, join them”.
Author: Chris Doner, Founder and CEO, Access Softek