About three months after the Facebook Libra whitepaper was released, regulators globally have been vehemently critical of the project. Some have even gone as far as to say they will never allow the coin to launch in their nations. However, Facebook Libra is not the only major stablecoin that could launch in the next few months. Here are some of the projects that could prove to be major rivals to the Libra project.
China’s Digital Coin
China has been extremely opposed to cryptocurrency for many years. In 2017, it made a decisive move against the sector and banned the use of digital coins in the country. However, the nation has also been researching the crypto sector and they have been working on a digital coin for years. When the Libra coin was announced, it appeared to have spurred the People’s Bank of China into action, which announced the launch of their own digital coin in the next few months.
China’s move appeared to have been as a direct result of the announcement of Libra. A senior official at the Chinese Central Bank said that different economies would have to come with unique responses to Libra. The main benefit of this coin is that it is backed by a central bank. Consequently, it is likely to face less opposition internationally.
Walmart made a patent filing on August 1. The filing talked about Walmart creating a USD-backed stablecoin that would be used to buy goods and services at select stores. However, Walmart has not made it clear what the restrictions of the coin would be. Walmart would have an easier time launching than Facebook Libra, according to some experts. The main reason for this is that Walmart only intends to launch in the US. Facebook’s decision to launch globally means it has to navigate a more complex regulatory minefield.
Binance, a major crypto exchange, announced their plans to release Venus on August 19. According to Binance, Venus will be a stablecoin that will seek to work with governments, firms, and startups globally. The Venus Project will benefit from the experience of Binance in the crypto sector as well as the expertise and technology that the exchange has developed. Its main advantage over Libra is that Binance has a lot of experience working closely with regulators globally. Besides that, Binance has expertise in the crypto sector, which Facebook appears to be lacking.
Metal pay has an advantage over Libra in that it already has an active app on the App Store. Besides that, the creator of the coin has already dubbed it the Libra killer. The Metal Pay platform is a P2P platform that lets users exchange crypto with each other directly. MTL Coin launched on Binance on August 21 and it was doing quite well.
The Metal community is very welcoming and their business model helps them facilitate growth. If we take a look at their platform, the framework is perfect for introducing society to crypto. For example, if you and your friend both have a Metal account, you can send each other cryptocurrency without paying any unnecessary fees. According to Metal, this is a feature that no other crypto wallet offers. If you go back to a Metal blog post , you can see the details. This business offering is exactly what is needed to fuel growth and adoption. You can see a short explainer video below on Metal Pay!
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