The Facebook’s Libra cryptocurrency faces a critical test on Monday with the first general meeting of its backers, days after major payment providers pulled out of the project.

The move follows PayPal’s exit from the association earlier this month, and leaves the project without the backing of any major payments firms.

The Libra Association said earlier this month that after the meeting it would give more details about some 1,500 “entities” it said have indicated their “enthsiastic interest” in participating.

Meanwhile, regulators stepped up their pressure on the proposed cryptocurrency.

Randal Quarles, head of the global Financial Stability Board, said in a letter to G20 finance ministers that “stablecoins” such as Libra posed a “host of challenges” and that as such “possible regulatory gaps should be assessed and addressed as a matter of priority”.

The FSB’s concerns centre on the potential for stablecoins – which are backed by real-world assets – to become a substitute for domestic currencies, Quarles said in the letter.

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