Libra in for competition as Walmart files similar stablecoin patent

One of the leading retailers in the world, Walmart is reported to have filed a stablecoin patent in the United States. The patent was filed with the US Patent and Trademark Office (USPTO) on August 1.

According to the filing patent the idea of “generating one digital currency unit by tying the one digital currency unit to a regular currency; storing information of the one digital currency unit into a block of a blockchain; buying or paying the one digital currency unit.”

Just like Facebook’s Libra, Walmart’s stablecoin intends to offer services to the unbanked and financially excluded populations of the world.

Walmart explains:

“Using a digital currency, low-income households that find banking expensive, may have an alternative way to handle wealth at an institution that can supply the majority of their day-to-day financial and product needs.”

The stablecoin, as explained by Walmart is likely to be pegged on the USD. Moreover, the digital currency will support zero-fee transactions. In addition, the platform will provide for storage of users funds.

The filing detailed that:

“The digital currency may be pegged to the US dollar and available for use only at selected retailors or partners. In other embodiments, the digital currency is available for use anywhere. The digital currency can provide a fee-free, or fee-minimal place to store wealth that can be spent, for example, at retailers and, if needed, easily converted to cash.”