David Marcus Announces Novi Digital Wallet is Ready for Launch

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David Marcus, Facebook’s head of payments, has criticized the existing US financial infrastructure and has said Novi’s digital wallet is ready to launch:

A lot has been said about stablecoins, payments, and Facebook and Novi’s potential role to improve what I see as an unacceptable status quo of our payment systems that still leave too many people behind. Here’s my take.

He has said that about 1.7 billion people around the world are unbanked. Among them are 62 million Americans “stuck in the banknote economy.”

Markus claims the payment network integrated with stablecoins has capacity to transfer transactions cheaper, faster and more securely. It will also be more open and inclusive.

However, he has highlighted that “not all stablecoins are equal.” According to him, the quality of such products depends on how transparent the reserves of their issuers are, to what extent they comply with the requirements of regulators and also how they care about consumer protection.

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