🚨BITCOIN: Meta enters the stablecoin race, three years after Diem's failure😣
Three years after the resounding failure of its Diem project, Meta is preparing to re-enter the cryptocurrency adventure. The American giant is in discussions with several industry players about integrating stablecoins into its platforms, particularly for payment purposes. Is this proof of the return of digital assets to traditional businesses?
In 2019, Meta (then Facebook) launched one of the most ambitious projects in cryptocurrency history: Libra. It has no connection to the cryptocurrency Javier Milei was accused of promoting. This digital currency was supposed to facilitate payments on Facebook, WhatsApp, and other Facebook services.
It was to be backed by a basket of fiat currencies (such as the US dollar, the euro, the pound sterling, etc.) and government debt securities to ensure its stable value. The cryptocurrency was backed by giants like Uber and PayPal. Rebranded as Diem, the project ultimately shut down in 2022, stifled by pressure from Congress and other US lawmakers. On Tuesday, Meta CEO Mark Zuckerberg addressed the failure at a Stripe conference—a straightforward statement.
Yet the group hasn't said its last word. According to Fortune Crypto, Meta is now in discussions with several crypto companies to introduce stablecoins on its platforms, including Instagram. The goal? To facilitate cross-border payments, which are often costly and complex with traditional fiat currencies.
These discussions are still in an early stage, but they reflect a new strategic interest in stablecoins, cryptocurrencies pegged to the US dollar. Their stability makes them ideal for international micropayments, below $100, paid in different countries. The possibility of their regulation being relaxed in the near future suddenly makes them more attractive to businesses.
