American Express Explores Stablecoins Amid Regulatory Shifts

American Express is finally giving stablecoins a closer look. Still, do not mistake interest for urgency. On the company’s recent Q2 2025 earnings call, CEO Steve Squeri acknowledged that stablecoins could serve as a “good proxy and a good alternative” to traditional payment systems like wire transfers, especially for cross-border transactions. He was quick to add a caveat. This is not a pivot. It is just a peek.

“We’re going to take a close look,” Squeri said, in the measured tone that has defined most legacy institutions circling Web3. Translation: the company sees the potential. It is not diving in headfirst.

That hesitation is not baseless. The global payments space is tightly regulated, fiercely competitive, and full of landmines for traditional institutions. Still, the timing is notable. The GENIUS Act, America’s first attempt at a clear regulatory framework for stablecoins, has just passed. It brings long-awaited clarity to the sector. The incumbents are beginning to stir. For American Express, stablecoins hold the most promise in one area. They could help speed up cross-border payments. These transfers are not a major revenue source for the company. However, they remain slow, expensive, and bureaucratically tangled. Blockchain-based assets, especially those pegged to fiat, could help smooth out that friction. The company is not betting the bank just yet.

“If you ask me whether stablecoins are going to replace ACH or SWIFT, I don’t think that’s happening soon,” Squeri noted. For now, traditional rails remain the core of the system. The fact that stablecoins are even in the conversation says a lot about how quickly that system is shifting.

Meanwhile, the company posted a strong Q2:

Revenue hit $17.86 billion, up 9% year-over-year

Net income dipped slightly to $2.89 billion, down 4%, citing higher operating costs

Full-year guidance remains solid, with projected revenue growth of 8 to 10 percent and EPS of $15.00 to $15.50. American Express is not building a stablecoin product tomorrow. Its willingness to even entertain the idea, out loud and on an earnings call, is a sign of the times.

The question is no longer whether stablecoins will matter.

The real question is this: when legacy giants like Amex start circling, how long before they decide to land?