🚀 Facebook is launching a stablecoin-based payments network called Project Libra

Facebook's rumored stablecoin will back its new payment network, as reported by the Wall Street Journal and corroborated by The Block. Internally called 'Project Libra,' Facebook's stablecoin will operate a full payment network with the social media giant in talks with MasterCard and Visa, payment processors, and e-merchants. Past reports that Facebook is seeking to raise $1 billion in collateral for the stablecoin have been reiterated with plans for fiat reserves to protect against volatility and fee reductions. Facebook is also looking at pairing the coin with its search engine for ad viewership points and loyalty rewards for Facebook-based e-commerce purchases.