Facebook is Already Pitching its Stablecoin to Exchanges - Report
Social media giant with more than 2 billion users, Facebook, has held conversations with unidentified crypto exchanges about selling its stablecoin, that should be out in the first half of the year, to consumers, The New York Times reported, citing multiple undisclosed sources. Facebook has more than 50 engineers working on its project that is likely to become a stablecoin, pegged to a basket of different foreign currencies and backed by funds held in Facebook bank accounts, it added.
According to the report, working with exchanges would take at least some of the regulatory burden off the company, since the exchanges would be responsible for holding the digital coins and vetting customers. The report reiterated previous reports that Facebook is developing a stablecoin that will allow WhatsApp, a messaging app, to transfer money on the platform