Why does this centralized stablecoin need to be crypto? It's not like they need to raise funding for this.

They could have made their own boring but extremely well positioned WePay / Paypal alternative ages ago, and instead they waited until cryptocurrencies are past peak hype to launch this. Puzzling.

I guess the only thing they have to sell here is the privacy aspect of crypto, but I doubt you'll get effective privacy from Facebook on any Facebook platform, crypto or not.