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American Express (NYSE: AXP) shares fell over 3% on Friday, significantly more than the S&P 500‘s slight decline of 1%, following a report by The Wall Street Journal. The article indicated that major retailers like Walmart and Amazon are contemplating the use of stablecoins, potentially creating their own, which could threaten AmEx’s revenue from transaction fees.
The article cited unnamed sources and mentioned that this development could impact American Express’ business model, as stablecoins might offer retailers a way to reduce payment processing costs. This shift towards stablecoins is linked to the proposed Genius Act in Congress, aimed at establishing a regulatory framework for such currencies.
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