Facebook is working on a blockchain based stablecoin which allows users to transfer money on WhatsApp, according to Bloomberg. Facebook plans to launch this stablecoin in India to facilitate small amount payment.

Stablecoins are cryptocurrencies designed to minimize the effects of price volatility by pegging to a currency or to exchange-traded commodities such as precious metals or industrial metals.

Facebook has been seeking to launch its payments service in India. Earlier this year, Whatsapp launched a beta version of its payments feature for nearly a million Indians. However, the Reserve Bank of India and the Ministry of Electronics and Information Technology have concerns over Whatsapp’s sharing of payments data with its parent company Facebook and therefore a wider launch of the payment service has been postponed.

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