However, the report added the actual launch of the stablecoin could still be far since the initiative is at a strategic planning stage. The company will first focus on the Indian market to let users transfer money via a dollar-pegged cryptocurrency on WhatsApp, the messaging app Facebook acquired in 2014, CoinDesk cited Bloomberg. Currently, WhatsApp has over 200 million monthly active users in India.
India is a large market for remittances, with migrants sending USD 69.59 billion back home in 2017 alone, according to the latest annual remittances report from the World Bank.
Facebook set up its blockchain team in May 2018. Meanwhile, other global messaging applications, such as Kakao, LINE and Telegram, have already revealed plans to move into the blockchain space.
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