Libra is Facebook's cryptocurrency with which you can purchase things or send money to people with almost no fees. Facebook expects libra to be the evolution of PayPal, a currency that is widespread as a payment method. The whole project, including currency and transactions, will be handled by the Libra Association, a payment, technology, telecommunications, online exchange, and venture capital investment group, and non-profits.
The plan is to back up the Libra token with financial assets like a currency basket, and US Treasury issued securities as a hedge against volatility. Facebook announced that an extra US$ 10 million would be invested by each of the investors, so Libra will have full asset support on the day it opens. As of January 2020, the plan to use a basket of mixed currencies in favor of stablecoins attached to individual currencies has been dropped.