It’s been a pretty intense month for the Libra Association, whose stablecoin has come under intense scrutiny from the U.S. Congress and the G7 over fears of destabilizing the global financial system when it launches next year.
Facebook’s wounded Libra Association formally voted itself into existence on October 14, electing a board and choosing officers. The ceremony was overshadowed by the loss of seven original members including Mastercard and Visa.
Facebook’s plan to create a blockchain-based stablecoin called Libra took a body blow on October 11, when five main partners including Mastercard and Visa withdrew.
PayPal has formally withdrawn from the Libra Association, the payments company announced on October 4.