Join us at CoinDesk Invest: NYC, November 12, 2019 at the Marriott Marquis, NYC for a discussion around the growing competition between private and government stablecoins. 

Last week was a rough one for Facebook’s fledgling Libra project, while at the same time showing the growing interest of government’s in sovereign digital currencies. 

The week kicked off with reports that a number of members of the Libra Association were getting cold feet amidst increasing regulatory scrutiny. Project lead David Marcus took to Twitter to respond to the claims, but by Friday, PayPal had officially withdrawn. Mark Zuckerberg also faced mounting pressure to appear personally before U.S. lawmaker’s who remain highly skeptical of Libra. 

Still, the idea of a digital currency or stablecoin seems to have taken hold. Two Congressmen wrote an open letter to Fed chair Jerome Powell recommending that the Fed look into creating a US digital dollar, suggesting that it was too important to leave to private companies.