Possibly many of you already heard about retail giant Walmart will launch its own stable coin.
They already filed a patent for digital stable coin crypto currency which is backed by U.S dollar.
It is unexpected move after Facebook's Libra problem with U.S Senate.
Walmart coin designed as fully backed by USD and used in Walmart stores.
Libra based on a mix of fiat currencies and bonds.
Walmart coin looks more narrowed using area focus and more 'stable' in price.
Walmart aiming low income American households who have no chance to afford bank fees for many banking services to increase their sales.
Walmart coin could be easily be tested at its 11,368 hypermarkets, department stores and grocery clubs located in 27 countries. The Walmart coin was created by Robert Cantrell, David Nelms, John O’Brien, and Brian Mc Hale. The patent’s abstract description states:
“[The] method includes: 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.”
Walmart tried to become an industrial loan company (ILC) but got push back from politicians and regulators.
Bankers and anti-Walmart groups forced politicians to passed laws to stop Walmart in its tracks from opening bank branches.
Because of the opposition, Walmart’s application filed with the Federal Deposit Insurance Corporation (FDIC) never gained traction.
Now Walmart is on new track with stable coin.
Seems that CBDC ( Central Bank Digital Currency ) and GCSC ( Giant Corporate Stable Coin ) will have major role in crypto currency market within 2 years.