Like as not, you’ve heard the news: Walmart has laid the groundwork to create its own “cryptocurrency.”
The move to patent a blockchain-based stablecoin variant generates speculation. Is Walmart trying to compete with Facebook Libra? Will CEO Doug McMillon be hauled in before legislators to defend his company’s right to innovate? Will the token ever actually launch at all?
Here’s what we do know: Walmart already plays a fundamental role in money services in the United States. It makes up a considerable part of the MoneyGram network.
Walmart cashes checks for millions of regular working Americans.
It offers services including PayPal via its network of ATMs and has a debit card similar to ACE Cash Express or Green Dot Bank.