Social media giant Facebook is reportedly looking to develop its own stablecoin for money transfers.
However, the report added the actual launch of the stablecoin could still be a way off, since the initiative is at a strategic planning stage. Currently, WhatsApp has over 200 million monthly active users in India.
India is also one of the largest markets for remittances, with migrants sending $69.59 billion back home in 2017 alone, according to the latest annual report from the World Bank.
David Marcus, who previously served as a vice president for Facebook's Messenger app division, heads blockchain team. In June, the firm appointed appointed 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 Anthony Pompliano, a crypto analyst and founder and partner at Morgan Creek Digital Assets, adding: "The Indian government has been fighting crypto too so things are about to get very, very interesting."
Meanwhile, 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.
Correction: This article previously stated that the reported Facebook token would be dollar-pegged. There is no indication of the stablecoin's peg so far. This error has now been corrected.
1 Hacker Way sign image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.