Facebook is developing a fiat-backed stablecoin payment system

May03

by Sindy Cator on May 3, 2019 at 8:00 am

Posted In: Around the Web, blockchain, cryptocurrency, Hard Fork

While details have remained scarce, Facebook’s plans to create its own cryptocurrency have not exactly been secret. But with its latest announcement, Facebook looks to be developing its own stablecoin-backed payment system, The Wall Street Journal reports. In what it’s calling Project Libra, Facebook is developing a stablecoin backed by government – AKA fiat – currency. It has not disclosed what currency, though. A source close to the matter confirmed to The Block that Facebook is actively looking for financial firms to assist in making Project Libra a reality. Facebook is also in conversations with payment networks Visa and Mastercard to…