Facebook Libra stablecoin project to launch in January 2021

According to a new report from the Financial Times, Facebook’s Libra project will be launched in January of 2021. it will be a stablecoin backed by the US dollar. The report cites three people working on Libra project who state that the Libra Association will add more fiat currencies into the basket of assets that Back Libra’s value. 

The exact launch date was not mentioned as Libr awaits final regulatory approval from the Swiss Financial Market Supervisory Authority, or FINMA, to operate as a payments service. 

In June of 2019 Libra Association has announced the launch of the project but faced many regulatory and judiciary hurdles along the way.

According to the Financial Times, several Libra members believe that the appointment of HSBC legal chief Stuart Levey as chief executive was a turning point for the Libra project.