Facebook Libra will be made up of U.S. dollar, euro, yen, pound, and Singapore dollar
September 20, 2019, 4:54PM EDT
1 min read
Facebook-led Libra stablecoin will be comprised of five fiat-currencies, according to a report from German publication Der Spiegel.
In response to a request from Fabio De Masi, the finance spokesman of the Left Party faction of the German Bundestag, the social media giant has disclosed the fiat currencies that will make up the reserves for the Libra stablecoin. According to Der Spiegel, Libra's basket of reserves will be made up of 50% U.S. dollar, 18% euro, 14% Japanese yen, 11% British pound, and 7% Singapore dollar.
In recent weeks, Libra has faced a wave of scrutiny from regulators in France and Germany. The German government recently passed a blockchain strategy that prevents any parallel currencies from being issued in the country, including Facebook’s proposed Libra. Additionally, France’s Minister of the Economy and Finance, Bruno Le Maire, claimed that the country will halt the development of Facebook’s planned Libra stablecoin in Europe because it threatens the “monetary sovereignty” of governments.
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