The Facebook stablecoin (if it works, scales, gets deployed and adopted by non-Facebook companies, doesn’t get regulated into dust) is going to be a massive game-changer for the financial services industry. Fight me.
Hell, even if Facebook is able to make a credible run at deploying the thing, it will give them huge leverage with their banking relationships. No more closed (to FB) instant networks like Zelle, reduced transaction fees, etc.
Summary of the comments: (1) a bunch of people seem to think asset-backed stablecoins won’t be allowed by regulators, or that people won’t use/trust them. That horse has already bolted. google.com/amp/s/www.coin…
Hell, people still use Tether and that’s an obvious mess.
Also (2) people are asking why bother with a public blockchain for a stablecoin, when you could just use a centralized database operated out of FB’s data centers. But no other backed stablecoin does that, and even the people who propose this idea wouldn’t trust it.
