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Bankless
184 - Why Facebook’s Stablecoin Failed, with David Marcus
Aug 21, 2023
David Marcus, former President of PayPal and current CEO of Lightspark, discusses why Facebook's stablecoin project failed. Topics include the role of the US government and banking lobby in its failure, the challenges faced by Western banking systems, and the future of the money layer on the internet built on crypto, particularly Bitcoin.
01:06:50
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Quick takeaways
- Facebook's Libra project failed due to opposition from the US government and the banking lobby, highlighting the struggle to innovate banking systems in the West.
- SuperApps, like Facebook's attempt with Messenger, are unlikely to succeed as the primary money layer of the internet.
Deep dives
Building an Open Payments Protocol on Lightning Network
Lightspark is building tools and software to accelerate the adoption of the Lightning Network as an open protocol for payments on the internet. Their focus is on making Lightning behave predictably, reliably, and easily for large and small companies.
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