With the prospect of a U.S. stablecoin bill potentially gaining approval as early as this summer, businesses across industries are now in a frenzied race to calculate how they can profit from it.

According to the latest market reports on Friday, Walmart, the largest U.S. retailer, and Amazon, the biggest e-commerce platform, have both recently explored the possibility of issuing their own stablecoins. There are also indications that Expedia, the largest online travel platform, along with several airlines, has internally discussed potential stablecoin issuance plans.

For these major publicly traded companies, stablecoins offer two clear advantages: cost savings and faster settlement cycles.

Currently, U.S. merchants typically pay 1%-3% in fees per transaction to payment networks like Visa and Mastercard. For large retailers processing tens or even hundreds of billions in annual transactions, these fees add up to a staggering sum.

Meanwhile, traditional card payments usually take 1-3 business days to settle, whereas stablecoin transactions can be completed almost instantly. This allows merchants to manage global supply chains more efficiently-a particularly attractive feature for businesses with international payment needs.

Amazon's plans are reportedly still in the early stages, with some discussions focusing on a platform-specific token for online shopping. Walmart, on the other hand, is lobbying U.S. lawmakers to include an independent amendment in the stablecoin bill to introduce more competition into the credit card industry. Walmart has long sought to expand into financial services, leveraging its massive retail customer base.

Even if these companies ultimately decide not to issue their own stablecoins, they are evaluating how to integrate third-party stablecoins to achieve the same benefits.

However, for U.S. banks-especially regional and community banks-the cost savings for retail giants directly translate into lost revenue. In response, banks are also closely monitoring stablecoin potential.

By late May, reports emerged that Wall Street giants were considering a joint stablecoin initiative, while some regional banks were exploring the formation of an independent stablecoin alliance. For smaller banks, even launching a stablecoin project would mean facing fierce competition.

Interestingly, recent reports also revealed that DTCC (Depository Trust & Clearing Corporation), the backbone of U.S. stock market settlements and the world's largest financial clearinghouse, is exploring the issuance of a dollar-backed stablecoin. The institution has already conducted pilot projects for multiple blockchains and tokenized collateral.

Ultimately, whether Walmart, Amazon, Wall Street banks, or DTCC proceed with stablecoin projects hinges on the progress of U.S. stablecoin legislation. The proposed rules would establish clear compliance requirements for issuing digital assets while providing regulatory certainty-a prerequisite for major institutions to move forward.