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Facebook’s Libra Might Launch Fiat-Pegged Stablecoins

The Libra Association is open to launching multiple fiat-pegged stablecoins, rather than the synthetic one it initially proposed.

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“We could do it differently. Instead of having a synthetic unit…we could have a series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stable coin, etc,” David Marcus, co-creator of Libra, told a banking seminar, as reported by Reuters on Monday.

Marcus stressed that fiat-pegged stablecoins aren’t the association’s new preferred option, but the main goal remains to create a more efficient payments system. He added that the Libra project is still aiming for a June 2020 launch.

“That’s still the goal. We’ve always said that we wouldn’t go forward unless we have addressed all legitimate concerns and get proper regulatory approval. So it’s not entirely up to us,” he told Reuters.

Libra has faced growing skepticism since it was officially announced in mid-June. Last week, president of the Financial Action Task Force (FATF), Xiangmin Liu, said that stablecoins, including Libra, could hinder efforts to prevent criminal activities.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin54,419 0.69 % 4.62 % 9.17 %
Ethereum2,092.3 1.20 % 7.51 % 2.34 %
Binance Coin484.28 0.31 % 8.49 % 19.09 %
Tether0.9974 0.42 % 0.24 % 0.34 %
Polkadot43.88 0.58 % 0.43 % 36.39 %
Cardano1.150 1.05 % 12.37 % 12.75 %
XRP1.240 1.45 % 15.20 % 15.19 %
Uniswap29.58 0.03 % 8.82 % 19.47 %
Litecoin242.86 0.42 % 12.98 % 0.76 %
Chainlink34.69 1.71 % 15.70 % 4.53 %