According to a new patent application, retail giant Walmart can work on releasing a digital currency backed by fiat currency, like Facebook's Libra cryptocurrency.
An application published by US Patent and Trademark Office (USPTO) describes a method for generating a digital currency unit by linking a digital currency unit to a conventional currency unit. This wording provides for the release of stablecoin rigidly tied to the fiat currency.
A digital currency based on blockchain technology can be pegged to the US dollar, the document says, and can only be available for use in individual retail stores or partners.
Notably, low-income households can benefit from the coin since banking services are too expensive for them. The digital currency will help "handle wealth at an institution that can supply the majority of their day-to-day financial and product needs".
Walmart's patent application also hints at providing free or low-cost storage for funds:
"Digital currency may be tied to a national currency, such as the US dollar, so funds can be added or taken out easily. The digital currency value could, in some embodiment, be tied to other digital currencies."
The company also added that tokens can be used through credit and debit cards without the need for cash and used to pay for food.