Circle Internet Corp. (CRCL), the company behind the USDC stablecoin, saw its stock surge 5.12% in pre-market trading on Friday. The significant uptick comes amid reports that major U.S. retailers and e-commerce giants are exploring the launch and integration of stablecoins into their payment systems.
According to recent reports, retail powerhouses Walmart and Amazon are considering launching their own dollar-pegged stablecoins. This move could potentially streamline payment systems, significantly cut processing fees, and reduce reliance on traditional banking infrastructure. Other major players, including Expedia Group Inc. and several U.S. airlines, are also reportedly weighing similar stablecoin initiatives.
In a related development, e-commerce platform Shopify announced plans to begin accepting stablecoin payments in USDC later this month. The company is collaborating with Coinbase and Stripe to implement this functionality, which will initially be available to select U.S. merchants before expanding to all merchants across the U.S. and Europe by the end of 2025. This growing interest in stablecoins from major retailers and e-commerce platforms could significantly boost the adoption and use of Circle's USDC, potentially driving up the value of Circle Internet Corp.'s stock.
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