Facebook could be on the path to replace the US Dollar with its own crypto asset as a global currency, claims Ted Livingston.

The founder and chief executive of the Kik messaging app projected the upcoming stablecoin project as a WeChat aspirant. The 32 years old Canadian entrepreneur wrote that, like the Chinese messenger app, Facebook was attempting to move the US Dollar into a private online payment system. Such a system would not only make it easier for people to transfer money cheaply. But, it would give them reasons to keep their money inside the messenger system. He wrote:

“WeChat allowed people to take their money out at any time, but they also added more and more reasons for people to keep their money inside: paying hydro bills, buying food, booking vacations, and more. Soon no one was taking their money out.”

Remittance and Payments

Livingston derived three possible steps that Facebook could execute in the coming days. First, the company could expand into a $689 billion remittance market by creating an interoperable payment interface between Messenger, Instagram, and WhatsApp. Second, it could integrate blockchain to roll out a global financial system such as that of bitcoin without needing to hire costly banking service. And third, it could enable users to keep and spend their money inside the platform for making day-to-day payments.

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