Popular U.S. retailer Walmart is working on the development of a stablecoin pegged to the U.S. dollar that could rival Libra, Facebook's stablecoin, according to a patent application filed by the company.
The patent, which was published yesterday by the U.S. Patent and Trademark Office (USPTO), describes a method for "generating one digital currency unit by tying the one digital currency unit to a regular currency," that is to say, a stablecoin linked to a traditional currency.
This crypto could allegedly be linked to the U.S. dollar and could only be used at selected retailors or partners.
According to the document, this new stablecoin could be very useful for low-income families who do not have access to traditional banking services, as they would have a cryptocurrency that would grant them access to most of the products they need without the need to pay expensive bank fees.
Libra, the stablecoin that is currently being developed by Facebook, aims to achieve similar objectives - to give citizens who do not have enough resources to have bank accounts the chance to enjoy similar services without their associated costs.
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