Big Tech companies such as Apple, X (formerly Twitter), Airbnb, and Google are actively exploring the adoption of stablecoins as part of their payment systems, driven by growing momentum for stablecoin regulation in the United States.
These firms see stablecoins as a way to reduce transaction fees and improve cross-border payments. Google is reportedly the furthest along, having already facilitated two stablecoin payments, while Airbnb is in talks with payment processor Worldpay to use stablecoins to cut fees from Visa and Mastercard. X is considering integrating stablecoins into its X Money app, aiming to expand money transfer capabilities, with Elon Musk having expressed interest in broadening the platform鈥檚 financial services.
The stablecoin market has seen significant growth, with its market capitalization rising 90% from $131.3 billion in January 2024 to $249.3 billion by mid-2025.
Partnerships between stablecoin infrastructure providers and major payment companies like Mastercard, Visa, Stripe, and Paxos have increased, signaling stronger industry acceptance. For example, Stripe acquired Bridge for $1.1 billion to bolster its stablecoin payments platform, and Paxos supports PayPal鈥檚 PYUSD stablecoin, which has a market cap nearing $1 billion.
This surge in interest coincides with ongoing debate in the US Senate over the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), a bill aiming to establish a regulatory framework for stablecoins and their issuers.
The bill has sparked controversy particularly around whether Big Tech companies should be allowed to issue their own stablecoins. Republican Senator Josh Hawley opposes the bill in its current form, fearing it would allow tech firms to issue digital currencies competing with the US dollar. Meanwhile, Democrats are reportedly planning an amendment to ban Big Tech from creating their own stablecoins, forcing them instead to use established issuers like Tether and Circle.
Critics argue that allowing Big Tech to issue stablecoins could undermine the traditional separation between banking and commerce, potentially giving these companies access to sensitive financial data and enabling them to build dominant financial empires.
This concern is rooted in the risks of consumer protection gaps and financial stability issues if Big Tech enters the banking business through stablecoins. Some see the GENIUS Act as a pivotal moment that could either open the door for Big Tech鈥檚 deeper financial involvement or enforce stricter controls to prevent it.
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