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WhatsApp tests transfers in USDP stablecoin

WhatsApp tests transfers in USDP stablecoin

According to Reuters, WhatsApp messenger has launched a cryptocurrency transfer service as a pilot project by integrating Novi cryptocurrency wallet developed by Meta Platforms Inc (formerly Facebook). Now messenger users can send and receive transfers by simply selecting a counterparty from the list.  Transactions are possible with the Paxos USDP stablecoin linked to the U.S. dollar at a ratio of 1:1.

At this stage, there are no limits on the number of transactions per day, and there is no commission while crediting of funds is immediate.

In the pilot phase, transaction testing is only available to a limited number of users in the U.S., according to the tweet of Novi Head Stephane Kasriel. First, it is necessary to test the transaction system and get feedback from the users involved in the pilot stage.

Meta Platforms developed the Novi cryptocurrency wallet over a record period of six weeks. The company decided to focus on the stablecoins already present in the market. Such a decision was due to the cancellation of the Diem cryptocurrency project (previously, it was called Libra) as a result of a ban imposed by U.S. regulators.

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