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Payment giants Visa (NYSE: V) and Mastercard (NYSE: MA) experienced significant stock declines on Friday, June 13, 2025, following reports that major retailers, including Amazon (Nasdaq: AMZN) and Walmart (NYSE: WMT), are actively exploring the issuance of their stablecoins.

Visa stock fell 6.35% to $347.83, while Mastercard dropped 5.64% to $556.02, as investors weighed the potential threat that retailer-issued digital currencies could pose to traditional payment networks. The timing coincides with legislative progress on the GENIUS Act, which aims to establish the first comprehensive regulatory framework for stablecoins in the United States.

Amazon, Walmart Lead Retail Giants Into Stablecoin Territory

According to a Wall Street Journal report, Walmart and Amazon are actively exploring the issuance of their stablecoins, marking a potential paradigm shift in how high-volume merchants handle payments. Sources familiar with the matter indicate that other large multinationals, including Expedia Group and major airlines, are also considering similar initiatives. This move could fundamentally disrupt the traditional payments ecosystem by allowing retailers to bypass legacy card networks entirely.

Stablecoins are digital tokens pegged one-to-one to fiat currencies like the U.S. dollar, designed to maintain stable value while facilitating digital transactions. For merchants, the appeal is compelling: bypassing traditional payment networks could dramatically reduce interchange fees and accelerate settlement times, particularly for cross-border transactions.

The potential savings could amount to billions of dollars annually for major retailers who currently pay substantial fees to process card transactions through Visa and Mastercard networks.

The timing of these corporate explorations aligns strategically with advancing federal legislation. The GENIUS Act, which recently cleared a key Senate procedural vote by a 68-30 margin, aims to establish clear regulatory rules for dollar-backed stablecoins.

The bill would require stablecoin issuers to maintain full reserves and submit to federal or state regulatory oversight, potentially providing the regulatory clarity that major corporations need to move forward with their digital currency plans.

Payment Network Stocks Experience Sharp Declines

Visa Inc. shares tumbled 6.35% to close at $347.83 on Friday morning, representing a decline of $23.57 from the previous close of $371.40. The stock opened at $361.51 and traded within a daily range of $345.01 to $363.01, with trading volume reaching 5,956,615 shares compared to an average volume of 6,424,257. The company maintains a market capitalization of $666.13B and trades at a P/E ratio of 34.95, with earnings per share of $9.95.

Mastercard Incorporated experienced a similarly sharp decline, falling 5.64% to $556.02 after dropping $33.26 from its previous close of $589.28. The stock opened at $572.86 and fluctuated between $552.51 and $575.24 throughout the trading session.

Volume reached 2,489,223 shares against an average of 2,711,828, while the company maintains a market cap of $504.30B and P/E ratio of 38.97 with earnings per share of $14.26.

Both companies face the prospect that widespread stablecoin adoption by major retailers could significantly reduce their transaction processing revenues. The market reaction reflects investor concerns about potential disruption to the duopoly that Visa and Mastercard have maintained in the payment processing industry.

However, both companies have diversified revenue streams and may adapt by offering blockchain-based payment solutions or partnering with stablecoin initiatives rather than being displaced by them.

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