David Marcus, the co-creator of the Libra cryptocurrency project, has recently told a banking seminar the Libra Association could launch various fiat-pegged stablecoins instead of its proposed cryptocurrency.
According to Reuters, Marcus notes that “instead of having a synthetic unit” the Libra Association could launch “a series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stable coin, etc.”
As covered, Facebook revealed last month that the basket of currencies backing its Libra would be composed by the U.S. dollar (50%), the euro (18%), the Japanese yen (14%), the British pound (11%) and the Singaporean dollar (7%). Its USD backing would also consist of short-term U.S. Treasury bonds.
During the banking seminar David Marcus stressed that the Libra Association’s preferred option weren’t fiat-pegged stablecoins, although its goal remains the same: to create a more efficient payments system. Read More...