Retail giant Walmart is the latest billion-dollar organization who has announced to launch its own stablecoin. Following the steps of Facebook, who a couple of months ago announced to launch its digital currency “Libra.” Walmart aims to include people who find banking expensive and provide them with an alternative way to store wealth at an institution that can supply the majority of their daily financial and product needs. Earlier this year, JP Morgan became the first major US bank to issue its own stablecoin when the bank issued “JPM Coin.”
Considering Facebook is getting hammered by lawmakers and regulators, Walmart decision to get into cryptocurrency might also face some challenges. Unlike Facebook, if Walmart coin is developed, they can easily be tested at its 11,368 hypermarkets, department stores and grocery clubs located in 27 countries.
Big multi-million organizations like Facebook and Walmart if succeed in this venture they can open the door for other organizations to follow and change the whole payment system around the globe. Currently, users of cryptocurrencies around the world are limited. One of the main argument for not using digital currencies is that it is tough to spend on daily required objects. But if an organization like Walmart starts accepting it even if it’s their own, this potentially might change the mind of skeptics and could help mainstream cryptocurrencies in general.
Even though the decision of issuing fiat-backed coins might receive mixed opinions from industry, it is still a step ahead for the crypto world. It is still a long road ahead for these organization to implement a crypto-based payment system successfully. But it should be interesting to follow the upcoming events unfold as these companies face pushback from regulators.