Zuckerberg stressed that Facebook’s plans for the Libra association would not move forward without regulatory approval from the appropriate US agencies. He would not, however, agree to first receiving approval from a US congressional oversight committee specifically before launch. Relating to concerns that Libra would threaten the US dollar, Zuckerberg emphasized that the majority of the reserves backing the Libra stablecoin would be US dollars, which he argued could help strengthen the dollar as more users (such as those in Facebook’s network in other countries) would transact in an asset tied to the dollar.

https://tradeblock.com/blog/the-hard-fork-weekly-market-commentary-50