Walmart, an American multinational retailer, is reportedly working on a cryptocurrency backed by a traditional asset. Being a stablecoin would make it very similar to Facebook’s notorious crypto coin, Libra.
A new patent filing was released by the United States Patent and Trademark Office this week, explaining the way to create a cryptocurrency and peg it another cryptocurrency or traditional currency.
It was stated in the paper that the retail giant’s new coin may be a stablecoin tied to the United States Dollar. Yet, the coin will be used only in certain stores and with partners. It also has the potential to assist low income households that can not afford banking services because of their high cost.
It is not hard to notice that the new stablecoins of both Walmart and Facebook seem to have the same goals. Libra is intended to help out the 2.5 billion people all over the world that do not have access to banks. Yet, despite the good intentions, the company faced scrutiny from regulators around the world. Facebook also recently declared that the coin may never launch because of the massive backlash.
The patent filing by Walmart also shows that the new coin has a specific storage area. The currency could also be used for food payments.