According to Deep Tide TechFlow, Meta is restarting its cryptocurrency business and is in talks with several crypto companies about stablecoin solutions, primarily for cross-border payments. Meta hired former Plaid executive Ginger Baker as Vice President of Product earlier this year.
According to insiders, Meta plans to initially apply the stablecoin on the Instagram platform to handle small cross-border payments for creators in order to reduce transaction fees. This marks Meta's first return to the cryptocurrency space since it terminated the Diem project in 2022.
Discussions are still in the early stages, and Meta is open to stablecoin providers. Zuckerberg stated at the Stripe conference that the Diem project has ended.
