Facebook May Use Fiat-pegged Stablecoins for Libra
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21 October
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David Marcus, the head of the Libra project, said at a banking seminar held on Sunday that Facebook could use stablecoins pegged to national currencies in the Libra project.

Reuters reported yesterday that Facebook's stablecoin could use cryptocurrencies based on national currencies such as the dollar instead of the synthetic token that was originally proposed by the company.

Marcus has said the Libra project aims to create more efficient payment systems and that the social network is open to alternatives to its synthetic token.

He literally said:

"We could do it differently. Instead of having a synthetic unit... we could have a series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stable coin, etc. We could definitely approach this with having a multitude of stablecoins that represent national currencies in a tokenized digital form. That is one of the options that should be considered."

Facebook originally proposed that its stablecoin should be backed by a basket of national currencies, including the U.S. dollar, the euro, the Japanese yen, the pound sterling and the Singapore dollar.

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