Facebook should give up Libra and support third-party stablecoins to assure success, blockchain researchers at brokerage eToro believes.
eToro’s blockchain research unit eToroX Labs argue that the social media giant can overcome the criticism and realize the company’s aim of embedding a peer-to-peer payment network by delegating asset issuance to regulated third-party partners.
Multiple fiat-backed stablecoins would obviate Facebook the need to control coins and allow to focus on building its Calibra wallet infrastructure and rolling it out on its platforms.
“The regulatory burden and associated compliance costs would befall those who use the ledger for their own gains, be it in the issuance of collateralized stablecoins, commodities or other financial instruments, effectively removing Libra from the money trail altogether,” eToro’s CEO and founder Yoni Assia said.
