Libra is expected to launch as a stablecoin in January

Libra, the cryptocurrency project headed by Facebook, could launch as early as January, according to The Financial Times. It will start with U.S. dollars and eventually add more fiat currencies.

Libra is expected to launch as a stablecoin in January

Libra, the cryptocurrency project headed by Facebook, could launch as early as January, according to The Financial Times, which reported that the project will launch in limited format as a US Dollar stablecoin. To make regulation easier, Switzerland-based Libra Association said it will start with U.S. dollars and eventually add more fiat currencies to the basket of assets that make up Libra’s intrinsic value. Announced in June 2019, the Libra Association faced major scrutiny from regulators and Congress causing a number of member companies like PayPal and MasterCard to leave the project or start competing projects. the Libra Association still counts Visa, Stripe, eBay, Coinbase, Andreessen Horowitz (A16z) and Uber among its founding members. The basket of currencies backing Libra was originally to include several fiat currencies including the U.S. dollar, euro, Japanese yen, British pound and Singapore dollar. Facebook reiterated that that the software that implements the Libra blockchain is open source in order to create an interoperable ecosystem of financial services and broaden inclusion. Previous reports had indicated that the coin will facilitate payments across Facebook’s various platforms including WhatsApp, Messenger and Instagram, giving the new coin potential exposure to a combined 2.7 billion users each month, but they decided to launch as a decentralized token. The Libra Association serves two main functions: to validate transactions on the Libra blockchain and to manage and protect reserves for Libra. The Libra Association will be a governing body called the Libra Association Council, comprised of a representative of each member of the association, which will vote on policy and operating decisions. The Libra Association’s mission is to "enable a simple global payment system and financial infrastructure that empowers billions of people." Read the Libra White Paper for details.