Facebook’s Libra Plans to Launch Dollar-Pegged Stablecoin Next Year

After several backlashes and scrutinies, Facebook’s long-awaited digital currency, Libra, is finally set to go live next year, according to a new report from the Financial Times.

At the initial stage of the launch, Libra will be pegged to the United States dollars alone, with more fiat currencies to be added later.

The report cited three persons behind the project but did not disclose their identity. The developer of a digital wallet designed for Libra digital currencies explained that the wallets were ready but for limited users.

 “The wallets are ready from a product perspective,” but would not be rolled out everywhere initially, with the company prioritizing “half a dozen high-volume remittance corridors” including the US and some Latin American countries,” he said.

The Libra Association claims that the asset will be launched in January next year but is yet to unveil the exact date the launch will happen. 

According to the report, the association would only decide the date the launch will happen after getting regulatory approval from the Swiss Financial Market Supervisory Authority or FINMA. This would serve as a go-ahead to operate a payment service.

The potential stablecoin kept bouncing on several setbacks after the plan was initiated. The project was initially planned to launch in 2020, even though there were no solid plans on how it would take place. As a result of the setbacks, many partnering companies ended up leaving the project.

In March 2020, the association had to consider redesigning the Libra project to make it suit all regulatory concerns. In April, the plan was achieved when the association announced that it had finally revamped the project to gain regulatory approval.

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Author: Caroline John

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Author: Caroline John