Big Retail Bets on Crypto + McDonald's Lawsuit Ends + Google-Scale AI Split

16th June 2025

Retail giants are eyeing the blockchain. Amazon and Walmart are reportedly weighing the launch of their own stablecoins—potentially rewriting how consumers pay and businesses process transactions. Meanwhile, McDonald's just settled Byron Allen’s $10B lawsuit over ad discrimination, and Google is looking to break ties with Scale AI after Meta’s 49% stake. Also in today’s mix: New York advances a landmark AI safety bill, Kering poaches Renault’s CEO, and Trump considers blocking travelers from 36 more countries. All this and more in today’s read-and-eat.

Major Headline 

• Amazon and Walmart explore launching their own stablecoins

  
  

• Retail heavyweights Amazon and Walmart are reportedly considering rolling out their own U.S. dollar-pegged stablecoins, according to The Wall Street Journal. The potential move signals a bold step into blockchain-powered payments—sidestepping traditional financial rails in favor of faster, cheaper, and more borderless transactions. Unlike volatile cryptocurrencies like Bitcoin, stablecoins are tied to fiat currencies such as the U.S. dollar, offering stability and mainstream utility. The news adds fuel to the growing narrative that stablecoins are not just fintech experiments, but pillars of national and commercial financial infrastructure.  Wall Street Journal 

  
  

• Google plans to dump Scale AI after Meta takes 49% stake

  
  

• Google is reportedly planning to cut ties with Scale AI, its largest data-labeling vendor, following Meta’s acquisition of a 49% stake in the company. Google had budgeted around $200M for Scale this year, but is now scouting alternatives due to fears of data exposure to a rival. Scale’s valuation has surged to $29B, but customer backlash may follow. OpenAI, xAI, and Microsoft are also backing away. While Scale insists it will protect customer data, its Meta tie-up may become a major liability. Reuters 

  
  
  
  

• New York passes sweeping AI safety bill targeting big labs

  
  

• New York lawmakers passed the RAISE Act — a bill designed to prevent disasters from frontier AI models like those from OpenAI, Google, and Anthropic. If signed into law, it would force major AI companies to publish transparency reports, disclose safety incidents, and comply with risk mitigation standards. The bill’s backers say it’s narrowly tailored to avoid stifling startups while still imposing real accountability. Critics, including VC giant Andreessen Horowitz, call it a “stupid, stupid” move that could hinder U.S. AI progress. TechCrunch 

  
  

• Gucci parent Kering reportedly taps Renault’s CEO as new chief

  
  

• Renault CEO Luca de Meo is reportedly leaving the French automaker to lead luxury giant Kering, which owns Gucci, YSL, and Balenciaga. If confirmed, the move would replace longtime Kering CEO François-Henri Pinault, who will remain chairman. De Meo is credited with turning around Renault and may now be tasked with fixing Kering’s Gucci troubles — which include a major profit drop and brand fatigue. Kering shares have lost over 60% in two years. Reuters 

  
  

Minor Headline

• Trump rakes in over $600M in crypto, golf, and licensing income — Reuters 

  
  

• Taiwan blocks tech exports to Huawei and SMIC — TechCrunch

  
  

• U.S. Navy ramps up startup outreach in new tech push — TechCrunch 

  
  

• Credit Suisse appoints Joachim Ringer as MD — Bloomberg 

  
  

• Estee Lauder’s Leonard Lauder dies at 92 — Reuters

  
  

• Britain names first female MI6 chief — Reuters

  
  

• US police arrest suspect Vance Luther Boelter for Minnesota lawmakers' shooting — Reuters

  
  

• McDonald's settles Byron Allen’s $10B lawsuit over ad bias against Black-owned media — Reuters

Gen Z Word of the Day: Gyatt

Meaning: Slang for admiration, often physical.

Example: “That funding round? Gyatt-level impressive.”