Facebook Reveals Currencies Backing Libra
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Main page News, Facebook

German newspaper Der Spiegel reported last Friday about the currencies that will support Facebook's stablecoin.

Although it was already known that 50% of the basket will be on the US dollar, it was still unknown which other currencies will support Libra.

According to the newspaper, the other half of the stablecoin's basket will be made up of the euro, the yen, the pound sterling and the Singapore dollar, with 18%, 14%, 11% and 7%, respectively.

The social network had already reported the basket will not include the Chinese yuan despite being the official currency of the second largest economy in the world. According to Reuters, Facebook has reportedly taken the decision in an attempt to please US authorities, which fear that Libra might become a threat to the global economy and the current tensions between the US and China would become another obstacle for the project.

According to Der Spiegel, Facebook has revealed the breakdown of Libra's basket in a letter to Fabio De Masi, a German legislator and former member of the European Parliament.

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