The growth momentum of US Stablecoin regulations is reportedly driving major tech companies such as Apple, X and Airbnb to explore digital token integration
according to In the June 6 Fortune report, at least four tech companies, including Apple, X, Airbnb and Google, are exploring Stablecoins as a means to reduce fees and improve cross-border payments. Each company is at a different stage of implementation, and Google is perhaps the most distant stage, which has facilitated two Stablecoin payments.
Payment infrastructure companies are playing a role. For example, Airbnb has been talking with WorldPay about using Stablecoins in an effort to cut fees from credit card payment processors like Visa and MasterCard.
The report says social platform X has been talking to crypto companies about integrating Stablecoins into its X Money app. Elon Musk has previously said he wants to expand X’s coverage to allow users to send and receive funds. The company has Chase Currency transmitters are licensed in the United States.
Stablecoins has become one of the most popular use cases for cryptocurrencies. The market value of such assets has resurrection Since January 2024, it has increased by 90% from $131.3 billion to $249.3 billion.
Partnerships between Stablecoin infrastructure and technology companies are also rising. The partnership includes MasterCard’s alliance with Moonpay and Visa’s deals with Bridge. October 2024, Stripes Announced $1.1 billion bridgeThis wealth is marked as “start gun” for people in Silicon Valley to take Stablecoin technology seriously.
Paxos is a cryptocurrency company known for Stablecoins, which works with Stripe and PayPal to provide services. For the stripes, Paxos plan Launch a new Stablecoin payment platform. So is Paxos Companies supporting PayPal’s Pyusd Stablecoinwhich one have A market value of US$978 million.
Related: Musk confirms X Money Beta test before plans launch
Genius Act sparks debate in the U.S. Senate
“Guiding and Establishing National Innovations Against the Stablecoins Act in the United States”, also known as Genius Lawis one of the things that prompts the company to explore the development of digital assets.
The bill aims to provide a regulatory framework for Stablecoins and its issuers in the country, but has encountered debates about the potential participation of Big Tech in the crypto industry.
according to For the New York Times, Republican Senator Josh Hawley recently said he would vote against the bill in his current form because it would allow tech companies to issue digital currencies that will compete with the dollar.
According to the New York Times, Democrats plan to add an amendment that would ban large tech companies from creating their own stable companies and quote a person who knows the program. The move will force tech companies operating in the U.S. to use established Stablecoin companies, including Tether and Circle.
Magazine: Legal team: Crypto wants to overthrow the bank and is now becoming them in the Stablecoin battle
