Facebook's owner, Meta, is planning to roll out virtual assets and lending services

Facebook's parent company is planning to create a stablecoin and lending service.

Dean Fankhauser2 min read
Facebook's owner, Meta, is planning to roll out virtual assets and lending services

Facebook's owner, Meta, is planning to roll out virtual assets and lending services.

This move would allow the social media giant to tap into the growing market for digital currencies and blockchain-based financial services.

Meta is reportedly working on a stablecoin that would be pegged to the value of a basket of major fiat currencies.

The coin would be used to power a new payments system that would allow Facebook users to send money to each other and make purchases on the platform.

Meta is also said to be considering launching a lending service that would allow users to borrow against their crypto holdings.

The plans are still in the early stages and it is not yet clear when or if they will be launched.

Facebook has been exploring the blockchain space for some time and has already launched a number of initiatives.

Its subsidiary, Calibra, is building a digital wallet for its Libra cryptocurrency, which is set to launch next year.

Meta's plans are likely to be met with regulatory scrutiny, given Facebook's vast reach and user base.

The social media giant will need to ensure that its services comply with financial regulations in order to avoid any legal hurdles.

Meta's plans are a sign that Facebook is serious about entering the digital currency space and offering new financial services to its users.

The move could also help Meta to keep up with its rivals in the tech industry, who are all exploring blockchain and crypto-based services.

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