Walmart Inc. appears be pondering whether to test waters in the world of cryptocurrencies, following the steps of Facebook Inc.

The retailing giant applied to patent a way to use a digital coin tied to a traditional fiat currency, which could allow for cheaper and faster transactions as well as loyalty features, according to a filing published Aug. 1 by the U.S. Patent and Trademark Office.

Even if approved, Bentonville, Arkansas-based Walmart doesn’t appear close to launching a coin similar to Facebook’s proposed Libra. Kory Lundberg, a spokesman for Walmart, wrote in an email that “we don’t have any plans for this patent at this time.”

In the application, filed on Jan. 29 by Walmart Apollo LLC, the company said it wants to patent a method for creating a coin that…