Wall Street Giants Face Challenges in Stablecoin Adoption Despite GENIUS Act

Major financial institutions, including Bank of America, Fiserv, and Morgan Stanley, are exploring stablecoin integration following the passage of the GENIUS Act. The legislation, part of former President Donald Trump's push for U.S. crypto leadership, has sparked interest but also raised concerns about implementation hurdles.

Retail giants like Walmart and Amazon are reportedly considering proprietary stablecoin projects, signaling a potential shift in payment systems. However, experts warn that technical and strategic challenges remain, particularly around whether to develop new stablecoins or adopt existing ones.

The promise of instant settlements continues to drive interest, with traditional banking transactions often taking days to clear. Yet the path forward appears complex, as the GENIUS Act doesn't eliminate all regulatory and operational obstacles facing would-be stablecoin issuers.