Rebooting the Stablecoin Project: Meta Tackles Cross-Border Payment Challenges
Meta is re-exploring stablecoin technology and plans to integrate blockchain into payment systems to open up new areas of cross-border payments.
According to a report by Fortune, Meta is negotiating with multiple crypto companies to assess the application of stablecoins in the distribution of earnings for Instagram creators, aiming to reduce the high costs of traditional transfers.
This move comes just five years after the launch of its 'Libra' project (later renamed Diem), which was terminated due to regulatory pressure. Now, new Vice President of Product Ginger Baker will advance this new strategy, utilizing the 'borderless' nature of stablecoins to address issues of cross-border micropayments.
Meta has yet to finalize partners, but has already reached out to Circle, the issuer of USDC, to discuss technical integration solutions. This comes at a time when the U.S. is accelerating the development of a stablecoin regulatory framework, which could change the global payment ecosystem.
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