Facebook to Develop its Own Stablecoin for Remittances: Report

Social media giant Facebook is reportedly looking to develop its own stablecoin for money transfers.

Citing anonymous sources familiar with the plan, a Bloomberg report on Friday said the company will first focus on the Indian market to let users transfer money via a dollar-pegged cryptocurrency on WhatsApp, the messaging app Facebook acquired in 2014.

The report added the actual launch of the stablecoin could still be far since the initiative is at a strategic planning stage.

Its blockchain team in May, aiming to explore the emerging technology.

To its blockchain team with expertise on data science, software engineering, and marketing.

David Marcus, who previously served as a vice president for Facebook's Messenger app division, now heads the social media giant's blockchain team.

Evan Cheng, a senior engineer, as its first blockchain engineering director.

"If Facebook launches the stablecoin they are reportedly building, it will quickly become the most used product in crypto," tweeted.

Other global messaging applications, such as Kakao, LINE and Telegram, have already revealed plans to move into the blockchain space.

In August, Japan's LINE became one of the first publicly traded companies to have launched its own blockchain mainnet with a cryptocurrency called the LINK token.