Facebooks digital wallet finally launches... without Diem cryptocurrency

Facebook is finally starting to roll out a “small pilot” of its Novi digital wallet today in the US and Guatemala, more than two years after it was first announced. The pilot program will let users send and receive money “instantly, securely, and with no fees” using the Paxos stablecoin, in partnership with Coinbase (which will be serving as the custody partner that holds the actual funds for the pilot).

According to Facebook’s David Marcus, the head of F2 (Facebook Financial), the pilot is meant to “test core feature functions, and operational capabilities in customer care and compliance,” in addition to trying to demonstrate a viable use of stablecoins for payments.

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