Big Tech Companies like X Considering Stablecoin Adoption
Major tech firms, including Apple, X, Airbnb, and Google, are exploring stablecoin integration to reduce fees and enhance cross-border payments. Google has facilitated two stablecoin payments, while Airbnb is in discussions with Worldpay to lower credit card processing fees. X is considering stablecoin integration for its X Money app and is pursuing money transmitter licenses. The stablecoin market capitalization has surged to $249.3 billion, reflecting a 90% increase since January 2024. Partnerships between tech companies and stablecoin infrastructure are increasing, exemplified by Mastercard's alliance with MoonPay and Visa's deal with Bridge. The GENIUS Act aims to establish a regulatory framework for stablecoins but faces opposition regarding Big Tech's involvement. Senator Josh Hawley opposes the bill as it could allow tech companies to issue competing digital currencies, while Democrats plan to amend it to prevent Big Tech from creating their own stablecoins, requiring them to use established providers like Tether and Circle.
