Facebook's Libra could launch its first stablecoin in January: Report

The Facebook-led Libra Association is reportedly targeting the launch of its first stablecoin in January of next year.

The Financial Times reported the news on Thursday, citing "three people involved in the initiative." According to one of the persons, the first stablecoin would be dollar-backed, while other planned single-currency and multi-currency stablecoins would be launched later.


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The actual launch date of the dollar-pegged stablecoin would depend on when Libra gets a payment services license from the Swiss Financial Market Supervisory Authority, FINMA. The license could be granted as early as January, the three people said. Libra applied for the permit in April of this year.

Facebook's other subsidiary, Novi (formerly Calibra), is also preparing to launch its digital wallet for Libra stablecoins. The wallet is "ready from a product perspective," one person involved in Novi told FT, but initially, it would not be globally launched.

Novi is first targeting "half a dozen high-volume remittance corridors," including the U.S. and some Latin American countries, per the report. For the U.S. launch specifically, Novi would need a license in each of the 50 states. The company has reportedly received a license in many states but is still waiting on "as many as 10," including a New York BitLicense.

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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.