Two new stablecoins are coming to shake up the world of cryptocurrencies. One of the stablecoins will be released by Walmart, a giant from the retail sector, which recently requested a patent to issue a new cryptocurrency. The proposal is similar to the Libra, the token announced by Facebook. The other stablecoin is from Terra marketplace.
Walmart disclosed that the asset will have the concept of a digital currency “linked to a common currency”. That means, a stablecoin. In addition, the idea is that the currency can help providing funding for those who have limited access to banking services. This is, by the way, one of the main claims made by Facebook when releasing the Libra.
“Using a digital currency, low-income families who think the bank is expensive can have an alternative way of dealing with the income of an institution that can meet most of their financial needs and day-to-day products”, says Walmart.
Besides Walmart’s stablecoin: the announcement from Terra
Another new stablecoin to keep an eye on is the one created by Terra, a developer from Singapore and South Korea. The company signed with a large Korean B2B platform for its online marketplaces alliance. According to local media, Terra has agreed to work with Sinsang Market, a company that links suppliers from the Dongdaemun’s fashion market in Seoul to customers from Korea and other parts of the world.
The two will develop a payment system to provide end-to-end resources for wholesale transactions, including payments, settlement and delivery procedures. It will use the CHAI, a mobile payments platform from South Korea powered by the Terra’s blockchain.
The Dongdaemun fashion market is one of the largest wholesale markets in the world, with an estimated turnover of US$ 12 billion. However, the market currently remains fragmented and relatively poorly developed in terms of logistics and payment services.
Given this, the vision and hope is to connect more efficiently many small businesses that operate there with their target markets. According to other reports from the local press, Sinsang Market works with 18,000 wholesalers transporting 28 million products.
One of the main strategies of Terra is to create an alliance of ecommerce sites and operate as a payment platform for them. The currency can also be offered as an incentive for those who shop on these sites. Thus, Terra already has approximately 25 of these kind of business relations.
Follow the upcoming chapters regarding these new stablecoins and see how they will behave in the cryptocurrency ecosystem.