A report from Binance released on the May 15th, 2019 is pointing to the increased interest multinationals, and business conglomerates are showing stable coins. Giants like Facebook and Samsung are getting onto the stable coin market, integrating blockchain innovation into custom payment systems and digital wallets.&
The potential that such stable coins have to disrupt the global crypto and payment industry entirely is tremendous. Facebook’s global coin, for instance, is going to be utilized for payments across WhatsApp, Messenger, and Instagram.
The report further notes that companies such as Facebook are less risk-averse and therefore, have a greater incentive to push the envelope in the existing payments industry. Facebook is cleverly launching its much-hyped Project Libra in India as per a Bloomberg report.
Facebook’s Globalcoin Launching in India
At the helm of the project is a tech team composed of PayPal alumni whose purpose is to Facebook’s Globalcoin’s utilization in peer to peer transactions and across significant e-commerce platforms as well.
In truth, India is fertile ground for the stable coin’s ability to ease remittances because the country has over 200M WhatsApp users and 480M internet users. Furthermore, over 191 million Indians also above 15 years of age do not own a bank account placing the country’s unbanked numbers only second to China’s 224M.
Speaking on the development, Morgan Creek Digital’s& Anthony& “Pomp”& Pompliano tweeted that “if Facebook launches the stable coin they are reportedly building, it will quickly become the most used product in crypto.”