Multiple banks and institutions are looking to launch their own stablecoins, since they are one of the few crypto assets that isn’t taking quite the beating that others have been in this market.

In a new announcement on Bloomberg, which was reported by The Block, it looks like Facebook is trying to get in on this decision by launching a stablecoin.

The stablecoin would make it possible for users of the WhatsApp program to transfer funds, though the plan is to start with the Indian market. Along with the world on the stablecoin, Facebook is working on protocols to:

“custody assets, or regular currencies that would be held to protect the value of the stablecoin.”

The Block referred back to their articles on Facebook’s search for creating the right blockchain team, which is being led by David Marcus and Kevin Well, of Facebook and Twitter/Instagram, respectively.

Only two weeks ago, the company had listed seven positions available on their team to fill. At the time that The Block reported, there’s only one left – Business Development Lead.

The position invites someone who will “build, lead, and grow a global team of experienced business development professionals, focused on the consumer use case.”

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