According to a recent report, social media giant, Facebook, is making plans to develop a stablecoin. This stablecoin is expected to get deployed on the popular messaging App— WhatsApp.
Stablecoin for WhatsApp
With the stablecoin, users of WhatsApp will be able to transfer money to one another. WhatsApp which was bought by Facebook in 2014 boasts of more than a billion users.
According to the announcement, the stablecoin is going to get launched in India at first, before expanding to other countries.
Rather than creating a traditional cryptocurrency, Facebook reportedly opted for stablecoins, mainly because it has plans to reduce the volatility that is common in the crypto markets.
A recent report has also made it clear that Facebook is not in any way close to completing the stablecoin. Right now, the team in charge of the stablecoin are still in the strategy phase of development. The team also has plans to back the stablecoin with assets such as regular fiat.
Recently, David Marcus the former head of Paypal was appointed as the head of Facebook’s blockchain department. Marcus who was initially hired to run Facebook’s messenger app is now in charge of developing the Stablecoin.
Facebook is Hiring
In its bids to accomplish its goals, Facebook has decided to hire some extra hands. The social media giant recently advertised five jobs related to blockchain technology.
The jobs position advertised were:
Data Scientist, Blockchain
Data Engineer, Blockchain
Software Engineer, Blockchain
Software Engineer (University Graduate), Blockchain
Product Marketing Lead
The job vacancies pointed to facebook being close to releasing a product on the blockchain.
The launch of the stablecoin is expected to change the face of global remittance. As it will become very easy and cheap to transfer money not only between families in different countries. It will also be useful for quick and easy microtransactions, both on the local and international level.