WalMart Plans to Issue Its Own Cryptocurrency to be Pegged to the US Dollar

The retail giant WalMart is preparing to issue a cryptocurrency and has applied for a patent from the US Patent and Trademark Office. According to the company, this cryptocurrency will be linked to the US dollar, designed to allow low-income families to have other channels to handle assets.

Many large companies in the United States are constantly exploring the blockchain and cryptocurrencies, and how to apply it to the business. Libra, the cryptocurrency of Facebook, has received global attention and can be said to be the first in the field of large enterprises. WalMart is also close behind, preparing to develop its own cryptocurrency in the form of a stablecoin.

This cryptocurrency name has not been released. WalMart believes their stablecoin can help low-income families and can be used anywhere, but may be used only selecte retailers or partners in the beginning. The company hopes to provide zero cost or minimize costs through this virtual currency, helping people to protect their wealth in response to high bank fees.

At the same time, when people use “Walmart Coin”, they can save the purchase record on the blockchain in a similar way to loyalty points. They can be stored and used for future use. When people use to shop, they can also restrict what product categories can be bought and by whom, such as preventing minors from buying cigarettes, wine, or restricted-level DVDs.

Previously, WalMart has used blockchain technology to track green products and drugs and apply them to the supply chain to study the areas connected to drone delivery. In June of this year, WalMart China used blockchain to improve the records of food safety.