Original source: cryptoslate
Translated by: Blockchain Knight
According to a May 8 report by Fortune magazine citing informed sources, Meta is exploring stablecoin-based payment infrastructure, making another effort to integrate blockchain technology into its platform.
Reports indicate that the tech giant is in preliminary discussions with several crypto asset companies to assess the feasibility of using stablecoins as a means of managing cross-border payments.
Related discussions involve use cases such as creator revenue payments on Instagram, where stablecoins can provide a lower-cost alternative to fiat currency transfer fees.
According to an executive from a crypto asset infrastructure company, Meta is currently in a 'learning and understanding' phase and has not selected a specific stablecoin provider.
The company declined to comment on the matter.
Previous attempts
Before this latest initiative, Meta had unsuccessfully launched a stablecoin called the 'Libra project' (later renamed Diem) in 2019. The project aimed to establish a global payment network supported by a basket of fiat currencies.
However, the project was terminated due to regulatory pressure from U.S. lawmakers, and Silvergate Bank acquired the assets of Diem.
It is reported that Ginger Baker, who joined Meta as VP of Product in January, is leading Meta's new stablecoin project. Baker previously worked at fintech company Plaid and has relevant experience; he also serves as a board member of the Stellar Development Foundation, which oversees the Stellar blockchain.
Meta launched this initiative as the U.S. seeks comprehensive recognition and regulation of stablecoins (considered as digital representations of the dollar).
Fidelity Investments recently revealed that it is testing a stablecoin, while payment giant Visa plans to launch a platform to tokenize fiat currency. Bank of America has also hinted that it plans to launch its own stablecoin once the regulatory environment is clearer.
Industry participation and personnel changes
Sources say that Meta has begun engaging with crypto asset infrastructure companies in 2025, with early discussions focused on using stablecoins as a tool to reduce international payment costs.
According to three individuals familiar with these meetings, the focus is on micro-payments, particularly for content creators and digital freelancers operating in multiple markets.
According to reports, Circle, the issuer of USDC, is in talks with Meta through Matt Cavin, who was an executive at the gaming blockchain startup Immutable and joined Circle this March.
Meta CEO Mark Zuckerberg admitted the failure of the Diem project when he attended a Stripe conference earlier this week, stating that the project has been declared terminated.
Zuckerberg added that while Meta often leads in adopting new technologies, it has had to re-enter markets it exited due to premature positioning or resistance.
