This is fundamentally a centralized system like PayPal. Most transactions never touch crypto. Meta/FB keeps some USDP at hand for those very few users who actually want to do crypto withdrawals.
Facebook has been trying to get payments into WhatsApp for a long time. This is just the latest experiment to try to find something that would be acceptable to local regulators while simultaneously extracting some value from the smoking ruins of the Libra/Diem/Calibra/Novi fiasco.
Facebook has been trying to get payments into WhatsApp for a long time. This is just the latest experiment to try to find something that would be acceptable to local regulators while simultaneously extracting some value from the smoking ruins of the Libra/Diem/Calibra/Novi fiasco.