Facebook + Bitcoin = Facebit.

This is a momentous piece of news. Talk about widespread adoption: Facebook’s reach is so vast that “Facebit” may become a new global currency overnight, on par with the dollar and the euro.

According to multiple people both inside and outside Facebook who were briefed on the project, here’s what we know.

It’s a stablecoin. “Facebit” will be a stablecoin pegged to the value of several different currencies. (Read our top-rated piece on stablecoins here.) This means its price won’t fluctuate, like bitcoin—but it won’t be tied exclusively to the dollar, either.

It’s a very big, very secret team. Over 50 engineers are working on the project, which is highly confidential, requiring special keycard access to enter the building.

They want to trade it on exchanges. The Facebook team has had discussions with digital exchanges on listing “Facebit.” This implies it’s not tied exclusively to Facebook, but rather as a real currency that can be bought, sold, and traded.

The estimated launch is Q2 2019. In discussions with exchanges, Facebook has indicated they plan to launch in the first half of 2019 (read: this summer).

It will be at least partially decentralized. By partnering with exchanges, Facebook is signaling that it will not be tightly centralized. And by using blockchain, Facebook is signaling this is not an “in-game currency,” accessible only to Facebook users.