Retail corporation Walmart Inc. has applied for a cryptocurrency patent that has some similarities to the Facebook’s Libra.
According to the application, Walmart touts the concept of a digital currency “tied to a regular currency” i.e. a stablecoin. Libra will be a token pegged to a basket of fiat currencies and government bonds, according to Facebook.
Users will be able to buy and spend the cryptocurrency, although all available scenarios of its use have not yet been disclosed. Moreover, Walmart promises no fee transactions or low interest charge.
Stablecoin holders will be able to open accounts at Walmart’s partner companies where they funds will be stored without additional fees.
The application contains two possible models of the cryptocurrency: the digital currency will be pegged exclusively to USD dollar that will allow to use the crypto all over the world due to pegging to a reliable fiat currency; or the cryptocurrency will be tied to other digital currencies, such as bitcoin, ether, etc. Options for using such a currency are not specified in the application.