April 16, 2020 Libra Association drops plans to use a global basket of currencies.

The Libra Association announced on Thursday that it is pivoting from its initial plan to collateralize its Libra stablecoin with a basket of global fiat currencies and will now instead offer country-specific stablecoins, that are backed with a nation’s respective fiat currency. The change is apparently due to an attempt to placate global regulators who have previously been generally antagonistic to the consortium’s initial plans. The Association will, however, continue to develop an SDR-like stablecoin, but instead of being collateralized by differing fiat balances, the newly proposed version will use the new country-specific stablecoins.