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US Senate Passes Bill to Regulate Stablecoins, Boosting Corporate Adoption Prospects

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The U.S. Senate has approved the GENIUS Act, a bill establishing a regulatory framework for stablecoins, marking a significant milestone for the growing segment of cryptocurrency designed to maintain stable value, typically pegged 1:1 to the U.S. dollar. The bill’s passage is seen as a key step toward broader adoption of stablecoins by corporations worldwide.

Stablecoins facilitate crypto traders’ movement of funds between tokens, but clearer regulations have been lacking. The bill now moves to the Republican-controlled House of Representatives, where its version must pass before heading to former President Donald Trump’s desk for signing.

If enacted, the law will require stablecoins to be fully backed by liquid assets—such as U.S. dollars and short-term Treasury bills—and mandate issuers to publicly disclose monthly reserve compositions. Analysts believe this regulatory clarity could unlock wider use by companies across multiple sectors.

Several major firms are already engaged or exploring stablecoin initiatives globally:

  • Major U.S. Banks:
    Bank of America CEO Brian Moynihan has indicated possible stablecoin launches. Morgan Stanley seeks to work with regulators on crypto-related transaction roles. Both remain cautious, focusing on pilot programs or partnerships.

  • Societe Generale (France):
    Plans to issue a publicly tradable, dollar-backed stablecoin via its digital asset subsidiary.

  • Retail Giants Walmart and Amazon:
    Reports suggest recent exploration of stablecoin issuance, though Walmart denies current plans and Amazon has not commented.

  • Banco Santander (Spain):
    Considering digital asset expansion including early-stage stablecoin projects.

  • Crypto and Fintech Firms:
    World Liberty Financial launched a dollar-pegged stablecoin USD1 this year. PayPal released a U.S. dollar stablecoin in August 2023. Circle Internet’s USDC and Paxos’ stablecoins are among the largest. Tether’s USDT remains the largest by market cap, followed by MakerDAO’s DAI.

The GENIUS Act’s passage signals increasing regulatory acceptance of stablecoins, potentially accelerating their integration into mainstream corporate finance and payment systems.

Amazon CEO Andy Jassy Signals Workforce Reduction as AI Automates Routine Jobs

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Amazon is preparing to reduce its total corporate workforce over the next few years due to the rapid adoption of generative AI and automation, CEO Andy Jassy said in an internal note on Tuesday. The company expects that AI-driven efficiencies will reshape job roles, decreasing demand for some routine tasks while increasing demand for others.

Amazon employed more than 1.5 million full-time and part-time workers by the end of 2024, alongside temporary and contract staff. Jassy highlighted the company’s ongoing use of AI to optimize inventory management, improve forecasting, upgrade customer service chatbots, and enhance product detail pages.

“As we roll out more Generative AI and agents, it should change the way our work is done. We will need fewer people doing some of the jobs that are being done today, and more people doing other types of jobs,” Jassy said.

Industry analysts note that this trend reflects a broader shift across the tech sector. Gil Luria of D.A. Davidson commented that AI’s rapid productivity gains are leading to slower hiring, particularly in software development roles.

Other major tech firms like Microsoft and Google have also emphasized AI’s role in boosting productivity while concurrently reducing headcount through layoffs.

While AI is expected to reshape the workforce rather than cause mass unemployment, many roles will evolve significantly in the coming years as automation accelerates.

Amazon Extends Prime Day to Four Days from July 8 to 11

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Amazon.com has announced that its annual Prime Day sales event will be extended to four days this year, running from July 8 through July 11, doubling the two-day length of last year’s event.

Jamil Ghani, Amazon’s vice president of worldwide Prime, explained the extension is a response to member feedback requesting more time to shop the deals.

The longer Prime Day comes amid uncertainty in the U.S. retail market over tariffs affecting prices and product availability. According to Adobe Analytics, U.S. shoppers spent $14.2 billion during Prime Day 2024, marking an 11% increase year-over-year.

Amazon faces stiff competition from other major retailers such as Walmart, Target, and ByteDance’s TikTok Shop, which are all launching early sales events targeting back-to-school and back-to-college shoppers with personal electronics, apparel, and home goods.

To attract younger consumers, Amazon is also offering discounted Prime memberships for customers aged 18 to 24, alongside other benefits. Prime memberships generally cost $14.99 per month or $139 per year.