Retail giants Amazon and Walmart are reportedly exploring the launch of their own U.S. dollar-pegged stablecoins, according to The Wall Street Journal.

The move signals a significant shift in how major retail players are thinking about the future of payments—away from traditional banking infrastructure and toward blockchain-based financial instruments that promise faster, cheaper, and more borderless transactions.

Unlike volatile cryptocurrencies such as Bitcoin, stablecoins are designed to maintain a fixed value, typically pegged to a fiat currency like the U.S. dollar or commodities such as gold. Amazon and Walmart’s consideration of stablecoins underscores a growing trend of institutional adoption and comes at a time when stablecoins are increasingly being positioned not just as a private sector innovation—but as a tool of national financial strategy.

Institutional Adoption Grows on the Back of U.S. Government Backing

Stablecoins are no longer confined to crypto-native startups. Major financial institutions like JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo are already working on launching a joint stablecoin, while travel tech firms like Expedia and U.S. airlines are looking into stablecoin integration to optimize payments and reduce cross-border transaction frictions.

This momentum is being buoyed by growing U.S. government support. U.S. Treasury Secretary Scott Bessent, speaking before a Senate Appropriations subcommittee on Wednesday, projected that dollar-linked stablecoins could surpass $2 trillion in market capitalization, positioning them as a strategic financial instrument for global economic growth.

“The rise of stablecoins is part of a larger strategy to enhance and preserve the U.S. dollar’s position as the world’s reserve currency,” said Bessent, a veteran of global currency markets and former hedge fund executive. “Stablecoin legislation backed by U.S. Treasuries or T-bills will create a market that will expand U.S. dollar usage via these stablecoins all around the world.”

Bessent also revealed that legislation is being drafted in Congress that would mandate stablecoins to be fully backed by high-quality liquid assets, such as U.S. Treasury bills. The goal is to ensure price stability, build trust among users, and create a transparent framework that could attract even more corporate issuers like Amazon and Walmart.

“This administration is committed to keeping the reserve currency status and enhancing that,” Bessent added, reinforcing the idea that stablecoins are now being considered an extension of U.S. financial policy.

What This Means for Amazon and Walmart

For Amazon and Walmart, the push toward launching stablecoins is as much about logistical optimization as it is about financial independence. With massive global operations, these firms stand to save billions on transaction fees, enhance settlement speed, and reduce reliance on intermediaries like banks and card networks.

Amazon has previously posted crypto-related job openings and invested in blockchain tools through its AWS cloud division. Walmart, meanwhile, filed patents several years ago for a digital currency and has tested blockchain to track supply chains.

However, both companies are likely waiting for clearer regulatory signals, especially around the GENIUS Act—a proposed bill that aims to govern the issuance and backing of stablecoins. While the bill is receiving Republican support, it has faced criticism from Democrats who warn about the risks of private corporations issuing widely used digital money.

According to DeFiLlama, the total market cap of stablecoins currently stands at $251 billion, dominated by Tether’s USDT and Circle’s USDC, which collectively command more than 86% of the market. Smaller entrants like PayPal’s PYUSD and even USD1, a stablecoin tied to entities affiliated with President Donald Trump, have failed to gain significant traction.

However, the entry of Amazon and Walmart could change that. With their vast customer bases, global reach, and infrastructure to support adoption, these firms could quickly become dominant players in a space previously led by fintech startups and crypto-native platforms.

Their adoption of stablecoins would not only put pressure on existing players but could also accelerate the normalization of digital dollar usage in everyday commerce, laying the groundwork for a broader transformation of how payments are handled globally.

In essence, stablecoins are no longer a fringe innovation. They’re rapidly evolving into a pillar of modern finance, and the involvement of Amazon, Walmart, Wall Street banks, and the U.S. government suggests they may soon become as ubiquitous as credit cards—and far more transformative.

Global oil prices surged on Friday, marking the sharpest single-day gain in over two years, as hostilities between Israel and Iran intensified. The spike was ignited by fears of a wider conflict in the Middle East that could severely disrupt oil exports from the region.

Brent crude jumped by 7 percent to close at $74.23 per barrel, after touching an intraday high of $78.50 — the strongest level seen since January 27. Similarly, U.S. West Texas Intermediate (WTI) surged to $72.98 per barrel, up $4.94 or 7.6 percent, after earlier reaching $77.62. Both benchmarks recorded their largest intraday gains since Russia’s 2022 invasion of Ukraine, which had caused a similar shock across global energy markets.

The price rally follows Israel’s targeted airstrikes on Iran’s nuclear facilities, ballistic missile factories, and senior military command infrastructure. Iran responded by launching missile attacks on Tel Aviv and parts of southern Israel. Both sides have vowed to continue their operations, signaling a prolonged conflict that investors worry could spill over into energy infrastructure or transport routes.

At the center of this concern is the Strait of Hormuz, a narrow maritime chokepoint that handles nearly 20 percent of global oil traffic — roughly 18 to 19 million barrels per day. Any threat to free passage through this waterway could significantly disrupt global oil supply chains.

Although Israeli strikes have so far avoided Iranian oil infrastructure, including Kharg Island, which is responsible for about 90 percent of Iran’s crude oil exports, analysts warn that any retaliatory attacks could follow an “energy-for-energy” pattern. This raises the specter of Iranian strikes on Gulf oil facilities or Israel’s allies in the region.

Not All Good News for Nigeria

For Nigeria, which relies heavily on oil exports, the sharp increase in oil prices offers an immediate fiscal upside. The country’s 2025 national budget is benchmarked at $75 per barrel. A sustained rally above this threshold could translate into higher revenues, potentially easing Nigeria’s budget deficit and enhancing foreign exchange reserves.

However, the development is far from good news for the general public. Nigeria, despite being an oil-producing country, depends heavily on imported petroleum products to meet domestic fuel demand. Although the recent activation of the Dangote Refinery has reduced the volume of petrol imports, the price of refined fuel in the country still responds to movements in international crude prices. The refinery sources crude from outside Nigerian shores.

Since commencing partial operations, the Dangote Refinery has helped ease petrol prices by selling at a lower rate compared to imported alternatives. In recent months, Dangote Industries slashed its ex-depot petrol price to around N840 per liter, making retail prices in Lagos fall to between N860 and N910. This was largely possible due to declining crude oil prices earlier in the year, which allowed the refinery to maintain relatively cheaper production costs.

But with crude now threatening to breach $100 per barrel amid escalating geopolitical tensions, the situation may soon reverse. Should oil prices remain elevated, the cost of refined products from Dangote Refinery will inevitably rise, erasing the gains made so far. This means Nigerians could begin to pay well over N1,000 per liter of petrol — a move that could trigger widespread discontent in a country already battling soaring inflation and meager wages.

Such a scenario also risks dragging the government back into subsidy territory. The administration of President Bola Tinubu removed petrol subsidies in mid-2023, citing unsustainable fiscal costs. However, if pump prices spiral out of control and public backlash intensifies, pressure may mount on the government to either intervene or reinstate some form of price support — an action that could further strain public finances.