Facebook has set up a company in Switzerland to focus on payments and blockchain, according to a report. The Facebook coin would be tied to the US dollar and remain stable unlike bitcoin, the report said. Libra Networks was set up in Geneva several weeks ago, Swiss publication Handelszeitung found, with Libra being the social network giant’s internal project name for the currency. The Swiss company is owned by Facebook Global Holdings II in Ireland, the report said, and will focus on developing the software and hardware related to the currency, including across payments, blockchain, analytics, big data, and identity management. Facebook didn’t immediately respond to a request for comment.