Facecoin To Replace U.S. Dollar? Facebook Claims It’s “Helping People”

We’re all still thinking like regular crypto heads when it comes to what Facebook’s Mark Zuckerberg has up his sleeve with his stablecoin. The Zuck’s not thinking about just creating his own crypto. He wants to replace the U.S. dollar according to Ted Livingston, who’s developed the reputation of being ahead of the industry in making predictions. Livingston is the founder and CEO of messaging platform Kik.

Facebook’s moves aren’t steeped in anything nefarious. Instead, they are in line with  Facebook’s usual claims – helping the world. This time, the vision is to help people who are working in foreign regions send their earnings to people in their native countries. In the works is a multi-step plan which could come as soon as this week. Livingston laid out a compelling argument in a Medium post about Facebook’s crypto plans.

The prediction is gutsy, to say the least. It’s also frightening given the loose relationship Facebook has with being forthcoming about what it’s doing behind the scenes. However, Livingston studied Facebook’s stablecoin efforts and started connecting the dots. It starts with WeChat. This is a Chinese messaging social media and mobile payment app. Livingston says Facebook’s upcoming stablecoin project is a “WeChat aspirant.”

Every year, people working in foreign countries send hundreds of billions of dollars home to family and friends. Today, this process is slow, expensive, and complicated, with an average fee of $14 to send just $200. If Facebook could offer people a way to send money home for free, it would be a game changer for tens of millions of people.

Facecoin To Replace U.S. Dollar? Facebook Claims It’s “Helping People”, CCN, Mar 25