According to reports, big tech companies like Apple, X, and Airbnb are being pushed to investigate digital token integration by the growing support for US stablecoin regulation.
The four big giants are exploring stablecoins as a way to reduce fees and enhance cross-border payments, according to a Fortune report published on June 6. Every business is at a different state of implementation; Google may be the most advanced, having already enabled two stablecoin payments.
Companies that provide payment infrastructure are involved. For example, in an effort to reduce costs associated with credit card payment processors such as Visa and Mastercard, Airbnb has been discussing the use of stablecoins with Worldpay.
According to the article, social media network X has been in discussions with cryptocurrency firms about incorporating stablecoins into its X Money program. Elon Musk has expressed his desire to expand X's functionality so that users can send and receive money. The business has already applied for licenses to operate money transmitters throughout the United States.
Google is "focused on responding to consumer demand for quick, 24/7 payments" and is "considering stablecoins that allow us to offer that in a safe and sound manner," a Google representative told Cointelegraph. By providing its ledger technology, the tech giant is also assisting its clients in investigating stablecoins.
One of the most often used applications of cryptocurrency is stablecoins. Since January 2024, the market valuation of these assets has increased by 90%, from $131.3 billion to $249.3 billion.
Additionally, collaborations between tech firms and stablecoin infrastructure have been growing. These agreements include Visa's agreement with Bridge and Mastercard's relationship with MoonPay. Fortune referred to Stripe's $1.1 billion acquisition of Bridge in October 2024 as the "starting gun" that made Silicon Valley residents take stablecoin technology seriously.
PayPal and Stripe have teamed with Paxos, a cryptocurrency business that specializes in stablecoins, to offer services. Paxos intended to introduce a new stablecoin payment mechanism for Stripe. PayPal's PYUSD stablecoin, which has a market value of $978 million, is likewise supported by Paxos.
The US Senate debates the GENIUS Act
One of the laws encouraging businesses to investigate digital assets is the "Guiding and Establishing National Innovation for U.S. Stablecoins Act," or GENIUS Act.
Though there has been discussion on Big Tech's possible involvement in the cryptocurrency sector, the measure aims to establish a regulatory framework for stablecoins and their issuers in the nation.
According to 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 the ability to issue digital currencies that would compete with the dollar.
Democrats plan to add an amendment that would ban Big Tech companies from creating their own stablecoins, according to the NYT, citing a person with knowledge of the plan. The move would force tech companies operating in the US to use established stablecoin companies, including Tether and Circle.
