Novi by Facebook

Facebook Launches Pilot for its Novi Wallet in Guatemala and US

CryptocurrencyNews
··1 min read

Facebook announced today that it will launch a “small pilot” for their digital currency wallet Novi.

The first phase of the pilot will see a limited number of users in Guatemala and some US states test the digital wallet.

Novi will use the Pax USD stablecoin (USDP), rather than Facebook’s digital currency Diem (formerly Libra). David Marcus, Head of Novi, said that USDP was chosen as it is a stablecoin that has successfully operated for more than three years and has “important regulatory and consumer protection attributes”. Unlike other popular stablecoins, USDP reserves are 100% backed by dollars (either in cash or cash equivalents). This will allow users to quickly withdraw money in their local currency.

Diem has been subject to governmental and regulatory pushback, due to the fact that it is viewed as a potential risk to financial stability and to fiat currency itself. Despite this, Marcus said that it is intended that Novi will migrate to Diem “once it receives regulatory approval”.

In addition, Coinbase was chosen as custody provider for customer funds.

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