Facebook is reportedly developing a stablecoin for its WhatsApp users

Facebook is developing a stablecoin to let its WhatsApp users transfer money, according to Bloomberg. The company will initially focus on the remittances market in India. In addition to working on a stablecoin, Facebook is also exploring strategies to "custody assets, or regular currencies that would be held to protect the value of the stablecoin."

As The Block has previously reported, Facebook has been ramping up its hires for its blockchain team. In May, the social media giant announced that it had formed a blockchain team led by David Marcus, the former head of Facebook Messenger, and Kevin Weil, the former product head at Twitter and Instagram. On December 6, the company posted seven blockchain-related job listings. As of the time of this writing, only one blockchain-related listing remained, a Business Development Lead who will "build, lead, and grow a global team of experienced business development professionals, focused on the consumer use case."