Yes - I was just reading the other article on the front page of HN which gives a summary. Pegged to fiats and traded in for fiats, so... Facebook is creating it

Yes - I was just reading the other article on the front page of HN which gives a summary. Pegged to fiats and traded in for fiats, so... Facebook is creating its own fiat which it wants to profit off, use its existing user network as a leap pad to do so, and to be considered the global fiat? Is that fair?