Of the 50 or so employees working on the cryptocurrency effort, 1 in 5 are from PayPal – including former PayPal president David Marcus.
Speaking to Bloomberg, Harshita Rawat, a payments analyst at Sanford C. Bernstein, said,
There is still a lack of clarity on what Facebook is going to do, but it looks like the long-term vision is creating a sort of marketplace model within Facebook.
It appears that Facebook has plans to launch the stablecoin in India, which is a market where remittance solutions would be very welcome. The social media giant also recently relaxed its rules on crypto ads on the platform.