'Stablecoins' in the spotlight as Facebook unveils Libra cryptocurrency
Updated : June 18, 2019 09:48 PM IST
Facebook revealed plans on Tuesday to launch a cryptocurrency called Libra, the latest development in its effort to expand beyond social networking and move into e-commerce and global payments.
Libra will be backed by a reserve of real-world assets, including bank deposits and short-term government securities. This should make it more stable than other cryptocurrencies.
Tether, the highest-profile stablecoin, is the ninth-biggest cryptocurrency by market capitalisation, with coins worth around $3.5 billion in existence. That's a fraction of bitcoin's $163 billion market cap.
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