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Facebook Open To Currency-Backed Stable Coins For Libra

Facing growing scepticism over its Libra digital currency project and major backers deserting the project, Facebook says it will consider a system where cryptocurrencies like Libra would be based on national currencies such as the dollar.

The head of the Libra project, David Marcus, said the group’s main goal remains to create a more efficient payments system, but it is open to looking at alternative approaches for the currency token it would use.

He said instead of having a synthetic unit, Libra could have a series of stable coins – for example, a dollar stable coin, a euro stable coin, a sterling pound stable coin, etc.

Marcus said that, while a stable coin is one option being considered, currency-pegged stable coins are not the group’s new preferred option.

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