According to today’s Bloomberg article, Facebook is developing a Stablecoin, that will be used for instant in-app remittances. Initial focus will be on India’s booming mobile payment market and have a hard link to USD, where WhatsApp has over 200 Million active users.
INDIA MOBILE PAYMENT MARKET
Facebook has long been expected to make a move in financial services, after hiring former PayPal president David Marcus to run its Messenger app in 2014. In May, Marcus became the head of the company’s blockchain initiatives, which haven’t been discussed publicly in detail. Facebook has been on a hiring spree, and now has about 40 people in its blockchain group, according to employee titles on LinkedIn.