Libra just will not ‘go away’ as speculation mounts of a launch in January 2021

2 min video looking at how Libra is evolvingThere has been a significant increase in the value of stablecoins in 2020. The total size of the stablecoin market has risen in the last year to now be worth over $26billion, with the largest by far being Tether -USDT- which has grown from $4.29 billion to $19.6 billion. Incredibly, Tether is being investigated by the New York State Attorney since Tether has been unable to clarify whether it is, indeed, backed 100% by US$ — yet it keeps growing….The top ten biggest stable coinsSource: CoinGeko.comFacebook’s Libra project was launched in June 2018, and originally in its white paper, it proposed to create a digital currency that would be backed by basket bank deposits and government bonds denominated in US Dollars, Euros, Yen, and British Pounds. Libra has now announced that it is to rename itself, Diem, although it will be keeping the same logo. Although Facebook would still appear to be very much involved, Dahlia Malkhi, the new CTO of Diem, is and has been, Lead Researcher at a subsidiary of Facebook. Novi, which is Facebook’s representation on the Libra, sorry on the Diem governance board. According to a report by the Financial Times, Libra is to launch a US dollar-pegged stablecoin, meaning it will launch a digital currency/coin with each one backed by a US dollar. The project, however, still requires approval from the Swiss Financial Market Supervisory Authority FINMA.Therefore, a stablecoin with a governance board backed by the likes of Andreessen Horowitz from Silicon Valley, Facebook, TEMASK (Singapore sovereign wealth fund), Shopify (Canadian version of Amazon), Uber, Women in Banking, to name just a few, is sure to prove popular? The reputational damage to the different organisations on the governance board of Libra ought to ensure risks will not…