Wall Street analysts are eagerly anticipating Facebook's possible unveil of its long-awaited cryptocurrency payments plan on Tuesday. According to various reports the company is preparing to finally reveal what it calls Project Libra with partners including Visa and Mastercard.

Facebook is the best performing of the so-called FAANG stocks this year and is up over 40% year to date. FAANG refers to a group of tech and internet stocks that includes Facebook, Amazon, Apple, Netflix and Google.

The social media giant has also been under tremendous pressure from government regulators due to various privacy issues, and most analysts think the crypto project may gave the company a big lift in more ways than one.

"We believe this may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams," RBC analyst Mark Mahaney said.

Other analysts agreed.

"We believe this is a major initiative for Facebook, and one that has the potential of putting the company front and center in areas beyond advertising, including commerce and financial services, materially expanding its total addressable market and growth prospects," analysts at SunTrust said. "It reduces the potential for regulatory scrutiny and opposition on anti-trust grounds (especially in the current environment), given Facebook's consortium approach and the varied nature of the partners."