Libra Association could launch a series of fiat-pegged stablecoins, says Marcus

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The Libra Association is open to launching multiple fiat-pegged stablecoins, rather than the synthetic one it initially proposed.

“We could do it differently. Instead of having a synthetic unit ... we could have a series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stable coin, etc,” David Marcus, co-creator of Libra, told a banking seminar, as reported by Reuters on Monday.

Marcus stressed that fiat-pegged stablecoins aren’t the association’s new preferred option, but the main goal remains to create a more efficient payment system. He added that the Libra project is still aiming for a June 2020 launch.

“That’s still the goal. We’ve always said that we wouldn’t go forward unless we have addressed all legitimate concerns and get proper regulatory approval. So it’s not entirely up to us,” he told Reuters.

Libra has faced growing skepticism since it was officially announced in mid-June. Last week, president of the Financial Action Task Force (FATF), Xiangmin Liu, said that stablecoins, including Libra, could hinder efforts to prevent criminal activities.

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Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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