Facebook to Link GlobalCoin to multiple fiat currencies

In recent news, Facebook which is said to be launching its whitepaper and reveal its GlobalCoin on June 18^th has also been noted to be tying its stablecoin “GlobalCoin” to multiple fiat currencies.

According to statements made by Laura Mccracken, Facebook’s head of financial services and payment partnerships for Northern Europe, the planned stablecoin will not be tied to any single fiat currency, but will instead be linked to a basket of currencies in order to prevent volatility.

Mccracken was speaking to German magazine WirtschaftsWoche. The confirmation comes after reports listing some of the executives said to be working on the effort. These include MIT’s Christian Catalini as chief economist and Sunita Parasuraman, manager of the Switzerland-based foundation leading the token project.