EToro: Facebook Should Drop Libra and Support Third-Party Stablecoins
Marie Huillet's original article for cointelegraph.com reduced by 77%
Blockchain researchers at online brokerage eToro have argued that Facebook should look to support third-party stablecoins, not Libra. Distrust and forceful opposition have plagued Facebook's project since its inception - prompting American politicians to recast Libra derisively as "ZuckBucks." Facebook could solve its problems by delegating asset issuance to regulated third-party partners, they say. According to eToro, independent, multiple fiat-backed stablecoins would remove the task of currency control from Facebook, which could instead focus on building its Calibra wallet infrastructure and rolling it out for the estimated 2.7 billion users worldwide across its platforms.
As Libra continues to divide global opinion, the Libra Association is proceeding with development, reportedly logging over 30 projects and 51,000 transactions on the Libra network during the past two months of testing. Facebook has meanwhile just announced the launch of a new fiat payment system, Facebook Pay, designed to facilitate payments across Facebook, Messenger, Instagram and WhatsApp. In October, United States Representative Warren Davidson had argued that Facebook adding Bitcoin to its Calibra wallet would be a "Way better idea" than creating a new currency.
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CN [too long; didn’t read]
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