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Facebook’s Libra could launch its first stablecoin in January: Report

Facebook’s Libra could launch its first stablecoin in January: Report

The Facebook-led Libra Association is reportedly targeting the launch of its first stablecoin in January of next year.

The Financial Times reported the news on Thursday, citing “three people involved in the initiative.” According to one of the persons, the first stablecoin would be dollar-backed, while other planned single-currency and multi-currency stablecoins would be launched later.

The actual launch date of the dollar-pegged stablecoin would depend on when Libra gets a payment services license from the Swiss Financial Market Supervisory Authority, FINMA. The license could be granted in January, the three people said. Libra applied for the permit in May of this year.

Facebook’s other subsidiary, Novi (formerly Calibra), is also preparing to launch its digital wallet for Libra. The wallet is “ready from a product perspective,” one person involved in Novi told FT, but initially, it would not be globally launched.

Novi is first targeting “half a dozen high-volume remittance corridors” including the U.S. and some Latin American countries, per the person. For the U.S. launch, Novi would need a license in each of the 50 states. The company has received a license in many states but is still waiting on “as many as 10,” including a New York BitLicense, according to the person.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Yogita Khatri