Libra Association could launch a series of fiat-pegged stablecoins, says Marcus

The Libra Association is open to launching multiple fiat-pegged stablecoins, rather than the synthetic one it initially proposed.

“We could do it differently. Instead of having a synthetic unit ... we could have a series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stable coin, etc,” David Marcus, co-creator of Libra, told a banking seminar, as reported by Reuters on Monday.


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Marcus stressed that fiat-pegged stablecoins aren’t the association’s new preferred option, but the main goal remains to create a more efficient payment system. He added that the Libra project is still aiming for a June 2020 launch.

“That’s still the goal. We’ve always said that we wouldn’t go forward unless we have addressed all legitimate concerns and get proper regulatory approval. So it’s not entirely up to us,” he told Reuters.

Libra has faced growing skepticism since it was officially announced in mid-June. Last week, president of the Financial Action Task Force (FATF), Xiangmin Liu, said that stablecoins, including Libra, could hinder efforts to prevent criminal activities.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.