Ever since it was reported back in 2018, details about Facebook's plans to build a cryptocurrency have remained scarce, but now new details have emerged, highlighting the social network's potential to rival Apple Pay in the payments game.

Facebook is developing its own stablecoin-backed payment system, according to a new Wall Street Journal report. It's called Project Libra, and the stablecoin itself, otherwise known as fiat, is backed by government currency. Facebook has yet to disclose what currency, however.

Facebook's Stablecoin Plans

The report paints a picture of Facebook having bigger plans for its stablecoin currency than initially anticipated. The company has apparently began hammering out deals with dozens of online merchants and financial firms toward amassing support for a cryptocurrency-based payment platform that, again, could beat Apple at its own game.

In addition, the report says Facebook has been working on this project for over a year. It apparently designed the system to be used for personal purchases and transfers not just on Facebook's own platform but on other websites as well. For those confused about all the lingo, just think of this cryptocurrency as another, perhaps even more secure, checkout option, such as PayPal, that people use across the internet.

An earlier report claimed Facebook is seeking $1 billion in funding for the project from investors the likes of Visa and Mastercard. If true, it appears Facebook is pulling all possible strings to make this cryptocurrency thing happen. Time, however, will tell if its efforts yield success.

Facebook Will Reward People Who'll Use Its Cryptocurrency Payments System

Facebook is also apparently planning to reward users with fractions of a coin when they view ads or shop on its own platform. This is most likely to coax audiences into partaking in Facebook's payments system. The payments landscape is ripe for a disruptor, and Facebook has the smarts and the money to do just that. As Engadget notes, it could gather a massive user base in no time provided it plays its cards right. Facebook has over 2 billion monthly active users, and it's easy to imagine most of them warming up to Facebook's platform without much apprehension.

Facebook has yet to share when its stablecoin might launch — really, it's yet to share anything about it. But its plans are getting clearer and clearer over time. Make sure to check back with Tech Times as we learn more. Thoughts? Feel free to sound off in the comments section below!

ⓒ 2021 TECHTIMES.com All rights reserved. Do not reproduce without permission.