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Facebook Sees Libra Tied to Dollar, Euro, Yen But Maybe Not Yuan

Chinese Yuan, Hong Kong Dollar and U.S. Dollar Banknotes
Photographer: Paul Yeung/Bloomberg
Updated on

Facebook Inc. told U.S. senators that the initial basket of currencies that will back its Libra cryptocurrency will likely include the U.S. dollar, euro, yen, British pound and Singapore dollar.

The list responds to concerns from Virginia Democratic Senator Mark Warner that China may push the Libra Association to include the yuan in the so-called stable coin, which Facebook and more than two dozen partners are currently developing.