The American Based leading multinational retail corporation, Walmart might launch its own stable coin that is backed by U.S dollar.
The United States Patent and Trademark Office published a report titled ‘System and Method for Digital Currency Via Blockchain,’. As per the report, one can generate digital currency or more so, a stablecoin.
According to the patent reports, the Walmart’s stable coin might be beneficial for low-income families who don’t have traditional banking services, instead they would own a digital asset that would grant them access to most of the products they need without the need to pay expensive bank fees.
The platform also claims that the project could provide a zero or low fee place for customers to store wealth. This wealth can be easily redeemed and converted into store credit at selected partners/retailers. Furthermore, these accounts could even yield interest, as per the filing.
Moreover, It could also be further developed so that it could be spent anywhere, the filing states. Moreover, possible backing by the U.S dollar could ultimately ensure easier deposits and withdrawals. In addition to this, the proposed digital currency could also be tied to other cryptocurrencies, as opposed to fiat currencies.
Overall, the upcoming “blockchain-protected digital currency”, could further challenge obligatory banking institutions by eliminating the need for debit and credit cards.