Facebook Stablecoin is Nowhere to be Found

Facebook announced LIbra bac in 2019, about 100 years in Bitcoin time. Originally introduced as the “borderless cryptocurrency” back by the libra reserve which was made up of a “collection of low volatility assets like bank deposits and government securities, in currencies from stable and reputable central banks”. But now that all seems to be given up for a purist inside of the metaverse.

This conclusion comes from the little publicity that the social media giants’ stable coins have garnered since 2019. Facebook hates when people call it to coin Zuck Bucks or Facebookcoin because Diem is not FACEBOOK. Twitters Jack Dorsey has a similar problem, that’s he’s personally done a better job, due to him being a founder in both Square and Twitter. Mr.Dorsey has kept controversy from either company seeping into the other cultural zeitgeist.

Diem is made up of a consortium of members of the company, based out in Switzerland, but it is Facebook who announced it, and Facebook will be to blame if it ever fails. The company founder’s love for publicity is what has set it up to potentially fail, the coin’s actual merits have now been speculated into death since most connotate the coin with how it will integrate into Facebook’s currents systems.

But these systems hold over 2,9 billion users, and when the stable coin goes live you can bet a great percentage of those 2.9 will try the coin, With there only being 200 million active wallets for bitcoin, this could be the mass adoption of crypto needs, but does the community want it to be Zuckerburg to bring in this era?

Funnily enough if one were to look back in time it was actually Mark who first brought up CBDCs to Congress in October of 2019, when he brought up Chinas digital yuan development. He suggested that we risk losing to china on the digital payment front if we continued on the path we were on.