Social networking giant Facebook could soon launch its own cryptocurrency based payment system, reports have emerged.

According to a report on The Wall Street Journal, Facebook is planning its own cryptocurrency-based payment system that it could launch for billions of users worldwide.The system would use a digital coin similar to bitcoin, but different in that Facebook would aim to keep the coin's value stable.

For quite some time now, Bitcoin and other cryptocurrencies have been susceptible to wild fluctuations in value.It could reportedly undermine credit cards by sidestepping the processing fees that generate much of their revenue.

According to the report, Facebook is recruiting dozens of financial firms and online merchants to launch the network.Facebook's plans may include ways to financially reward users who interact with ads or other features. Facebook says only that it is exploring many different applications for cryptocurrency technology.