Walmart Could Be Looking To Rival Facebook’s Libra With a USD-Pegged Stablecoin Issuance, Patent Filing Shows

Retail giant Walmart could be working on issuing a fiat-backed digital currency, similar to Facebook’s Libra cryptocurrency, according to a new patent filing. From a report: The filing, published by the U.S. Patent and Trademark Office (USPTO) on Thursday, outlines a method for “generating one digital currency unit by tying the one digital currency unit to a regular currency,” meaning a fiat-pegged stablecoin. The blockchain-based digital currency “may be pegged to the US dollar,” the filing adds, and maybe available for use “only at selected retailors or partners.” It could also provide households with low income that find banking costly with a choice to “handle wealth at an institution that can supply the majority of their day-to-day financial and product needs,” according to the filing.

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