Share this article
Report: Uber, PayPal, Visa to Back Facebook's GlobalCoin Cryptocurrency
Visa, Mastercard, PayPal and Uber are all backing Facebook's new cryptocurrency, according to the Wall Street Journal.
By Nikhilesh De
Updated Sep 13, 2021, 9:18 a.m. Published Jun 13, 2019, 10:34 p.m.
Visa, Mastercard, PayPal and Uber are all backing Facebook's new cryptocurrency, according to a new report.
The Wall Street Journal reported Thursday that the social media giant has signed on more than a dozen backers for its GlobalCoin cryptocurrency, a stablecoin that has been developed in secrecy for more than six months. Each of the new backers will invest roughly $10 million in the project as part of a governing consortium for the cryptocurrency.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Stripe, Booking.com and MercadoLibre are part of the project, according to the Journal, though the report does not specify what their roles are.
Facebook announced it was launching GlobalCoin last December, though the company indicated that it was looking at cryptocurrency as far back as the end of 2017. The crypto is expected to be a stablecoin that will operate within the company's messaging infrastructure – WhatsApp, Instagram and Facebook Messenger.
However, Facebook has been tight-lipped about what exactly GlobalCoin will be used for, though the BBC suggested that Facebook may look to retailers, allowing its users to purchase discounted goods using the cryptocurrency. The cryptocurrency would be used to transfer value directly from Facebook to the retailer, cutting out credit card companies in the middle, which BBC suggests would help the retailers' profits.
GlobalCoin is now expected to be unveiled on June 18.
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
MiCA Will Make or Break Euro-Pegged Stablecoins by 2026: DECTA
German payments processor DECTA expects euro-pegged stablecoins to gain traction in payments and tokenized finance as MiCA takes full effect across the EU.
What to know:
- Euro stablecoins should benefit from MiCA’s full enforcement in 2026, creating a unified regime for reserves, supervision and operations, according to DECTA.
- Growth will hinge on MiCA-authorized issuers scaling banking rails, institutional settlement use and consumer-facing payment channels.
- The payments company expects non-compliant and synthetic euro tokens to give way to regulated stablecoins, though adoption will vary across EU member states.
Top Stories
