Meta Restarts Cryptocurrency Project: Exploring Stablecoin Payment Solutions to Facilitate Cross-Border Transfers and the Creator Economy
According to Fortune magazine's report on May 8, Meta is exploring a stablecoin-based payment infrastructure, planning to reintegrate blockchain technology into its platform, using stablecoins to handle cross-border payments, and paying creators through Instagram, offering a more cost-effective solution than traditional fiat currency transfers.
Currently, Meta is in preliminary discussions with several cryptocurrency companies regarding the application of stablecoins in cross-border payments, but has not yet determined specific partners and is still in a 'learning mode.' The company is also keeping a low profile on this matter and has declined to comment.
In fact, Meta launched the 'Libra Project' (later renamed Diem) back in 2019, intending to establish a global payment network supported by multiple fiat currencies, but it was shelved due to regulatory pressure from U.S. lawmakers, and the related assets were eventually acquired by Silvergate Bank.
However, Meta has not given up. In January of this year, Ginger Baker, who has extensive experience in the fintech field, joined Meta as Vice President of Products to lead the new stablecoin project. Baker previously served on the board of the Stellar Development Foundation, overseeing the foundation's Stellar blockchain project.
As the U.S. intends to regulate stablecoins and use them as a representation of digital dollars, stablecoins have once again become the focus. Fidelity has revealed that it is currently testing stablecoins, while payment giant Visa is considering launching a fiat currency tokenization platform, and Bank of America has also hinted that it will launch its own stablecoin once regulations are clearer.
It is reported that Meta began engaging with cryptocurrency infrastructure companies in 2025 to explore using stablecoins to reduce international payment costs, particularly focusing on small payments for cross-market content creators and digital freelancers.
Meanwhile, Matt Cavin, a representative from USDC issuer Circle, is negotiating a partnership with Meta. Cavin previously held executive positions at the gaming blockchain startup Immutable.
Earlier this week, Meta CEO Mark Zuckerberg acknowledged the failure of the Diem project but also stated that Meta would continue to attempt to enter markets it had previously ventured into too early or encountered resistance.
Do you think Meta's exploration of stablecoin payments will be successful this time? Leave your thoughts in the comments section!
