Share this article
Facebook's 'GlobalCoin' Crypto Will Be Tied to Multiple Currencies: Exec
A Facebook executive has told a German magazine that the firm's planned stablecoin will be tied to a basket of fiat currencies.
Updated Sep 13, 2021, 9:17 a.m. Published Jun 7, 2019, 1:21 p.m.
Yet more details have emerged about Facebook's upcoming cryptocurrency, said to be called GlobalCoin, and this time they come directly from the company.
Speaking to German business magazine WirtschaftsWoche earlier this week, Laura McCracken, Facebook's head of financial services and payment partnerships for Northern Europe, confirmed that the planned stablecoin will not be tied to any single fiat currency, but will instead be linked to a basket of currencies in order to prevent volatility.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The executive also added to recent reports that GlobalCoin would be revealed later this month, saying that a white paper for the token would be published on June 18.
McCracken was talking to the magazine at a trade conference in Amsterdam.
The confirmation comes after reports listing some of the executives said to be working on the effort. These include MIT’s Christian Catalini as chief economist and Sunita Parasuraman, manager of the Switzerland-based foundation leading the token project.
Facebook may further set up physical portals for users to purchase the cryptocurrency, as well as charging third parties as much as $10 million for the privilege of supporting the network as nodes, according to The Information.
Elsewhere, Russian news site RBC reported Thursday that head of oil firm Rosneft, Igor Sechin, told the St. Petersburg Economic Forum that Facebook's cryptocurrency could possibly be used in oil transactions "in the near future." Sechin, however, seemed to be talking generally about how big U.S. tech firms like Google, Apple and Facebook are making moves into the energy industry.
He added the skeptical note:
“At the same time, someone might get the illusion that technology giants will make the energy market fundamentally more transparent and efficient, becoming a panacea for solving the acute problems of modern times."
Facebook image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Asia Morning Briefing: Fed Cut Brings Little Volatility as Bitcoin Waits for Japan
CryptoQuant data shows seller exhaustion as whales pull back from exchanges, while traders prepare for a closely watched BOJ meeting that could influence global liquidity.
What to know:
- Bitcoin remains stable above $91,000 as the Federal Reserve cuts rates by 25 basis points.
- Market attention shifts to Japan, where a rate hike is expected at the upcoming Bank of Japan meeting.
- Gold prices rise following the Fed's rate cut, while silver hits a record due to strong demand and tight supply.
Top Stories
