Zuckerberg publicly acknowledged the 'failure' of the Diem project at this week's Stripe conference. This statement, while understated, conceals the complex calculations of Silicon Valley giants.
Just when the outside world thought Meta had completely exited the cryptocurrency race, **Meta quietly rebooted its stablecoin plan.** According to (Fortune) reports, Meta has begun engaging with several crypto companies to discuss the possibility of using stablecoins as a payment tool, and has hired a product vice president with a strong background in the crypto field to advance this project. Sources revealed that discussions are still in the early stages, but Meta's goals are already very clear: to leverage the technological advantages of stablecoins to achieve more convenient and lower-cost payments globally.
This brings to mind the scene in 2019. At that time, Meta (then called Facebook) proposed an ambitious plan to launch 'Libra,' a stablecoin backed by a basket of fiat currencies, intended for widespread use on platforms like Facebook and WhatsApp. However, this plan quickly faced a united blockade from U.S. Congress and regulatory bodies from multiple countries globally, forcing a name change to 'Diem,' which was ultimately abandoned in early 2022, with its assets sold to Silvergate Bank.
But this time, Zuckerberg is clearly prepared to try again in a different way.
It is reported that Meta's focus this time is to use stablecoins to solve a practical problem—cross-border micro-payments. Sources revealed that an executive from a crypto infrastructure company suggested that Instagram under Meta could use stablecoins to pay income to global creators, such as small payments around $100. If processed through traditional bank wire transfers, such small payments would incur high fees and complex procedures, but through stablecoins, costs can be significantly reduced, payments can arrive faster, and there is no need to rely on traditional financial systems.
This model can reduce Meta's operational costs while enhancing the platform's appeal to global creators. Especially today, as short videos, live commerce, and paid digital content become increasingly popular, 'how to efficiently pay creators worldwide' has become a key part of platform competition.
It's not surprising that the 'weapon' Meta has chosen is stablecoins. Compared to the highly volatile Bitcoin and Ethereum, stablecoins are pegged 1:1 to the dollar, with almost no price fluctuations, making them more suitable as payment tools. Particularly in the current market environment, the application of stablecoins is expanding rapidly. Visa recently announced a partnership with Bridge; Stripe just acquired the stablecoin startup Bridge for $1.1 billion and launched a new financial account based on stablecoins; Fidelity also revealed it is developing its own stablecoin.
An overlooked trend is that stablecoins are transitioning from being 'exclusive to the crypto circle' to 'financial infrastructure.' Zuckerberg's return is precisely stepping on this turning point.
According to reports, Meta hired former Plaid executive and current Stellar Development Foundation board member Ginger Baker as product vice president in January, focusing on fintech and payments. Sources say that **Baker is the key figure driving Meta's new round of stablecoin exploration.** Multiple insiders revealed that Meta is actively engaging with several crypto infrastructure companies, including Circle, but maintains a 'neutral stance' on the choice of stablecoin types and does not intend to tie itself to any single provider.
This is completely different from the Libra of that year. Back then, Libra tried to 'issue its own coin' and 'build a coalition,' only to crash into the high walls of global regulation. This time, Meta chooses to play the role of the 'application layer,' using existing stablecoins and relying on current compliance infrastructure to achieve its goals. This is not the 'resurrection' of Libra, but a new attempt under different game rules.
Why now?
A backdrop is the shift in the political landscape of the United States. Last November, Trump's election as president was widely seen as a signal of being 'more friendly' towards cryptocurrencies. Since the beginning of this year, the U.S. Congress has been debating two regulatory bills on stablecoins, aiming to end years of regulatory uncertainty. The betting by financial giants on stablecoins also indicates that this industry is gradually 'entering the system.'
Zuckerberg's 'reboot' timing is not coincidental. Rather, it reflects an insight that: this might be a rare 'policy window period' in many years.
On the other hand, from a business logic perspective, Meta really does need new growth points. With slowing ad revenue growth and the immense pressure of investing in the metaverse, Zuckerberg must seek new profit models. Payments, especially those integrated into high-frequency social applications like Instagram and WhatsApp, happen to be a sector that Meta can directly control and has the most potential.
More importantly, this path choice aligns with the current market trend of 'lightweight' operations. Meta is no longer attempting to issue its own coins or build a complete on-chain ecosystem, but instead chooses to collaborate with established blockchain companies, acting as an integrator for 'payments using stablecoins.' Leveraging existing infrastructure to solve its business pain points.
This time, Meta has learned to avoid the 'heaviest' part and focus on the 'most controllable' link.
However, such a transformation is not without risks. Stablecoins still face issues like unresolved regulations, unstable banking channels, and technical barriers in on-chain settlement. For a company with billions of global users, navigating the complex regulations in different countries to legally and compliantly use stablecoins is a meticulous and long-term game.
In this context, **how to obtain real-time policy trends, on-chain data changes, and industry collaboration information has become an indispensable capability for Meta and industry players.** AI investment research platforms like Mlion.ai, which integrate on-chain data, policy tracking, and sentiment analysis, can help users gain insights into trend changes and discover potential opportunities in the complex environment interweaving 'crypto—traditional finance—tech giants.'
After all, opportunities in the crypto industry have never been written in announcements, but are hidden in 'signals.'
Written at the end
Zuckerberg's renewed involvement in stablecoins is not simply a 'reboot' of Libra, but a new attempt based on reality. It reflects the continued interest of tech giants in cryptocurrencies and indicates that stablecoins are transforming from 'crypto assets' to 'financial instruments.'
However, the 'gray area' of technology and regulation still exists. Whether this new round of exploration can truly take off requires joint efforts from policy, technology, and business levels.
For investors, this process is filled with changes and opportunities. Speaking with data and using AI tools to enhance insights may be key to understanding and participating in this game.
Disclaimer: The above content is for informational sharing only and does not constitute any investment advice!