Facebook’s stablecoin is near to be introduced

Coinbase will offer custodial services to Facebook’s Novi project
  • Stablecoin wallet Novi of Facebook will be supported by Coinbase’s custody services
  • Novi will allow its users to start trading the Paxos Dollar (USDP)
  • Novi users can purchase USDP through Novi, and the stablecoin will deposit the funds with Coinbase
  • The social media giant is intending to launch Novi with Diem, as it receives regulatory approval and goes live

Stablecoin or crypto assets pegged with the government issued fiat currencies have ballooned amid the global COVID-19 pandemic. Such assets are most widely being used to trade digital currency. Following the utility of such stable crypto tokens, Facebook also planned to establish its own digital asset. Novi, a Facebook’s digital wallet subsidiary. Notably, it is expected that the project will soon go live in the United States and Guatemala in a pilot program. Moreover, it is interesting that the project will allow its users to start trading the Paxos Dollar. Simultaneously, it is also revealed that Coinbase will offer custodial services for the pilot program.

Coinbase and Paxos will help Novi stablecoin

Recently, it was revealed that Coinbase, one of the leading cryptocurrency exchanges offering users to trade digital assets globally will provide custody services to Facebook’s Novi project. Notably, the custodial services will be provided for Novi’s pilot program.

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Besides Coinbase’s support it is also announced that Paxos Dollar is supplying the stablecoin. On Tuesday, the social media giant announced that Novi will now allow its users to start trading the Paxos Dollar (USDP). According to a recent official blog post released by Coinbase, the Novi users can purchase USDP through Novi, and the stablecoin will deposit the funds with Coinbase.

Facebook intends to launch Novi with Diem

In a recent press release, Facebook underscored that the latest announcement does not mean that its support for Diem has changed. Notably, the release also confirmed that the social media giant is intending to launch Novi with Diem, as it receives regulatory approval and goes live.

On the other hand, we have found that the pilot program has already gone live. However, the program is yet to be rolled out on the Apple App Store and Google Play Store as per the social media firm.

Diem was announced back in 2019

The social media giant had announced the Diem stablecoin project, previously known as Libra, and Novi in 2019. At the time the wallet was known as Calibra, which was intended to support the stablecoin, before the regu;latory backlash changed the scope of the project. However, now the project is ready to build a trusted and innovative financial network with robust controls to protect users and combat financial crime.

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