The application submitted by the U.S. Patent and Trademark Office on Thursday describes the method of "generating a unit of digital currency by linking it to a traditional currency". Thus, we are talking about a steybloin pegged to the fiat currency rate.
The digital currency on blockchain "can be linked to the U.S. dollar" and is available for use "only at certain retailer or partner points".
An additional advantage of such a currency is the reduction of costs for low-income households by outsourcing the processing of cash transactions to "an institution capable of meeting most of their daily financial and food needs.
In addition, Walmart digital currency can be a free or low-cost storage tool. "Digital currency can provide a commission-free or commission-neutral means of storing capital that can be paid for, for example, at retail outlets and, if necessary, easily converted to fiat. Such accounts can even generate interest payments to their owners.
"The digital currency can be pegged to a national currency such as the US dollar, making it easy to deposit and withdraw funds. In certain scenarios, the value of a digital currency can be linked to other digital currencies," says the publication.
The company also notes that digital currency can eliminate the need to use debit, credit card or cash and can be used to purchase products.
In June, a joint project between Walmart and VeChain's crypto-startup aimed at ensuring food security through blockchain was launched.