Growing Momentum for Stablecoin regulation of the United States has been reported driving major tech companies such as Apple, X, and AirBNB to explore the integration of digital token
According to In a June 6 report from Fortune, at least four tech companies, including Apple, X, Airbnb and Google, explore stablecoins as a way to lower fees and improve cross-border payments. Each company is in a different stage of implementation, with Google probably the farthest ahead, facilitating two Stablecoin payments.
Payment infrastructure companies play a role. For example, Airbnb is talking to WorldPay about the use of Stablecoins, looking to cute fees from credit payment processors such as visas and Mastercard.
Social Platform X is talking to crypto companies about integrating Stablecoins into the X Money App, the report says. Elon Musk had previously said he wanted to expand X’s reach to allow users to send and receive money. The company has already chased Money shipping licenses across the US.
Stablecoins have become one of the most popular cases of crypto use. Market capitalization for such possession is Get up up to $ 249.3 billion from $ 131.3 billion since January 2024, a jump of 90%.
Partnerships between Stablecoin Infrastructure and Tech Company have also increased. Partnerships include Mastercard’s Alliance at Moonpay and Visa’s Deal at Bridge. In October 2024, Stripe announced the $ 1.1 billion taking a bridgeFortune called the “starting gun” for people in the Silicon Valley to take Stablecoin technology seriously.
Paxos, a crypto company known for Stablecoins, cooperated with both Stripe and Paypal to provide services. For stripe, Paxos planned Launch a new stablecoin payment platform. The paxos too The company that supports PayPal’s Piusd StablecoinWhich one May A $ 978 million market capitalization.
Related: Musk confirms X Money Beta Test early in planned 2025 launch
The Genius Act Sparks Debate in the US Senate
The “guide and establishment of national change for the US Stablecoins Act,” if not known as the Genius Actis one of the developments that drive companies to explore digital property.
The bill aims to provide a regulatory framework for Stablecoins and their providers to the country, but has been addressed by a debate on the potential participation of the Big Tech in the crypto industry.
According to In the New York Times, Republican senator Josh Hawley recently said he would vote against the bill in its current form as it would allow tech companies to issue digital currencies that would compete with the dollar.
Democrats plan to add an amendment that will prohibit large tech companies from creating their own stablecoins, according to NYT, citing someone with a plan knowledge. The move will force tech companies that operate in the US to use established Stablecoin companies, including Tether and Circle.
Magazine: Legal Panel: Crypto wants to overthrow banks, now it becomes them in the stablecoin fight
