New Crypto Rumor Hints at Facebook Creating Its Own Stablecoin Cryptocurrency with Recent Blockchain News
Facebook seems focused on the development of a blockchain network and also a digital asset. A few months ago, rumors spread regarding the possibility of the most popular social network in the world releasing a new cryptocurrency for the remittance market in India. This new coin would be linked to the popular messaging app WhatsApp.
Even when there are several crypto supporters against this virtual currency, it is clear that this Facebook token could help increase cryptocurrency adoption around the world. Billion so WhatsApp users, Facebook and Instagram could eventually have access to this virtual currency that would allow users to transact funds no matter where they are.
According to the Abacus Journal, it seems possible for Facebook to build a virtual currency backed by US dollars and that would work as a stablecoin. This would allow users that are unbanked to have access to the financial world and enhance crypto adoption in the region.
One of the sources that talked with Abacus Journal said that Facebook could eventually ‘swallow up Coinbase tomorrow.’
About it, the source commented:
“Just keep track of the size, scale, and names associated with their ever-growing blockchain team. As it grows you can bet they are getting closer and closer to pulling the trigger on a token of some sort. And my guess, to satisfy regulators, it would be tied to the dollar in the way stable coins have been.”
The source went on explaining that they could do this with the cash that they already have. Thus it would be a much easier thing that many would have expected. During the last year, new stablecoins were released to the crypto market. The most known virtual currency is Tether (USDT) that has been involved in different controversies for the past few years.
USD Coin (USDC), Gemini USD (GUSD), TrueUSD (TUSD), and many others have been launched in order to offer new services to users around the world.
If Facebook is able to onboard a large number of users, this could have a very deep impact on the cryptocurrency market. As reported by Abacus Journal, Facebook Coin could eventually become a competitor to Bitcoin (BTC). Until now, there was no real competitor to Bitcoin, even when there are two other large-cap virtual currencies such as Ethereum (ETH) or XRP.