Abstract
Facebook is reportedly developing a cryptocurrency that will be backed by the US dollar making it more stable and reliable than other coins. Bloomberg reported the news that the tech giant was creating the coin for use within the WhatsApp messaging app.
It looks like Facebook would first launch the service in India, a country with over 200 million WhatsApp users. According to sources close to the company, the ‘stablecoin’ isn’t close to being released but is currently working on strategies that will ensure the coin’s stability.
