Bloomberg reported that Facebook was building a stablecoin. The team responsible for this has made so much progress lately that the WhatsApp cryptocurrency is going to be listed soon. The cryptocurrency is to be pegged to the US Dollar.

The project has entered a stage where Facebook has had some serious talks with various exchanges to issue the token to its users and consumers. WhatsApp has over 1.5 billion active users and this cryptocurrency can become a major competitor to WeChat Pay or Alipay. These are widely spread and popular paying services in China.

Another breakthrough is that CEO Zuckerberg said that Facebook might switch over to blockchain technology for its identity and data-sharing systems. However, this statement has not been confirmed as of yet. Facebook has acquired a Chainspace and has met with Basis, Keybase and Alogrand.

The team of crypto experts consists of over 50 dedicated engineers, which include former Chainspace employees. The team is lead by David Marcus. He worked for PayPal and Coinbase and has recently switched to the crypto team from the Messenger team.

The company is very tight lipped about the project: inquiries are not answered and The New York Times found out that the team works in an office that is inaccessible to anyone but the team members.