Facebook-proposed Libra stablecoin is expected to release in January.As the Financial Times reported, after over a year's examination from international financial supervisors, Libra will launch in the form of a U.S. dollar-backed cryptocurrency. The publication cites three people who took part in the scheme. They stated Libra could launch as a range of stablecoins, each backed by a fiat currency instead of a single multi-currency wallet.
However, for the start, Libra will simply launch as a single U.S. dollar-pegged coin as the FT reported, as soon as it gets pending approval from the Swiss financial regulator FINMA to function as a payment service.
Initiated in June 2019, the Libra Association faced major regulatory scrutiny causing many member firms like PayPal and MasterCard to leave the project. The basket of currencies backing LIbra was originally to include some fiduciary currencies among them the U.S. dollar, euro, the Japanese yen, the British pound, and the Singapore dollar. Now Libra has 27 members and many believe the network will succeed.