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?
From Libra to Diem: A Look Back at a Dismal Failure
In 2019, Meta (then Facebook) launched one of the most ambitious projects in the history of cryptocurrencies: 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 supposed 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 guarantee its stable value. This 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, Mark Zuckerberg, Meta's CEO, addressed this failure at a conference organized by Stripe – a straightforward
statement:
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