Facebook will launch its stablecoin on June 18 according to multiple sources reported by TechCrunch.
The report fueled rumors that the secretive cryptocurrency project would appear this month.
Previously, rumors had suggested it would appear next year before Facebook brings their own cryptocurrency to market.
“It’s currently scheduled for a June 18th release of a white paper explaining its cryptocurrency’s basics,” TechCrunch states.
Further support that it will be a stablecoin comes from Laura McCracken, Facebook’s Head of Financial Services & Payment Partnerships for Northern Europe, who said in an interview with Wirtschaftswoche that the stablecoin would peg its value to a number of fiat currencies.
Facebook, and its subsidiaries including WhatsApp and Instagram have launched a major PR campaign targeting the crypto payments sector. Given its stablecoin design, many in the industry are skeptical of their plans.
U.S. ratings agency Weiss Ratings, has claimed Facebook’s ultimate goal is not to broaden the appeal of cryptocurrency, but to take business away from banks.