Facebook wants its cryptocurrency Libra to one day rival the dollar

To come anywhere close to matching the US dollar for utility and acceptance, Libra will need to be widely trusted

Facebook unveiled plans for a new cryptocurrency that the social-media giant hopes will one day trade on a global scale much like the US dollar.

Called Libra, the new currency will launch as soon as next year and be what's known as a stablecoin -- a digital currency that's supported by established government-backed currencies and securities. The goal is to avoid massive fluctuations in value so Libra can be used for everyday transactions in a way that more volatile crypotcurrencies, like Bitcoin, haven’t been.

Libra is the culmination of a year-long effort to devise an easy way for Facebook users to send