This is stated by The Wall Street Journal, reporting also the internal name of the company's blockchain initiative, Project Libra. According to media reports, the platform will use stablecoin, secured by fiat currencies. Facebook attracts financial companies that can support the project.
In addition, the company expects to launch a full-scale payment system, and not just a tool for making money transfers. According to the media, Facebook is already negotiating with the payment networks Visa and Mastercard. As well as processing services such as First Data, and e-commerce giants. The purpose of the negotiations is to convince companies to support the launch of the project.
As previously assumed, the social network may try to raise $ 1 billion from such companies in order to use these funds as collateral for its assets.
Using stablecoin as your own currency of the Facebook payment system will eliminate the high commissions associated with making transfers through traditional channels and the volatility associated with bitcoin and other cryptocurrencies.
Tests of a stablecoin can be carried out using the Facebook advertising system by rewarding users for viewing ads and purchasing goods in the same way as the more common loyalty points work on the basis of points.