That's correct. Facebook and Libra's cooperating founding organizations (including PayPal, Visa, Uber, etc.) hope to provide a stable cryptocurrency by tying it to a group of government currencies. According to TechCrunch:
"A Libra is a unit of the Libra cryptocurrency that is represented by a three wavy horizontal line Unicode character ≋ like the dollar is represented by $. The value of a Libra is meant to stay largely stable, so it's a good medium of exchange, as merchants can be confident, they will not be paid a Libra today that's then worth less tomorrow. The Libra's value is tied to a basket of bank deposits and short-term government securities for a slew of historically stable international currencies, including the dollar, pound, euro, Swiss franc, and yen. The Libra Association maintains this basket of assets and can change the balance of its composition if necessary, to offset major price fluctuations in any one foreign currency so that the value of a Libra stays consistent."