According to Cointelegraph, tech giant Meta is reportedly considering the integration of stablecoin payments into its platforms, marking a potential return to the cryptocurrency space after a three-year hiatus. The Facebook parent company has engaged in discussions with various crypto infrastructure firms, although no definitive course of action has been decided, sources familiar with the matter revealed.
One insider suggested that Meta might adopt a multi-token strategy, potentially incorporating support for widely-used stablecoins such as Tether's USDt (USDT) and Circle's USD Coin (USDC), among others. This move aligns with a broader trend among tech companies exploring stablecoin usage for payments, driven by increasing institutional interest and investment. The stablecoin market capitalization has surged beyond $230 billion, reflecting this growing demand.
In recent developments, several payment processing companies have announced investments in stablecoin firms or unveiled stablecoin integrations. On May 7, Visa disclosed its investment in stablecoin startup BVNK, although specific details of the deal remain limited. Rubail Birwadker, Visa's head of products and partnerships, noted that stablecoins are capturing a significant share of the payments market.
Stripe, another global payments platform, introduced stablecoin-based accounts for customers across more than 100 countries on the same day. These accounts enable users to store stablecoin balances, transfer tokens to other users, and convert stablecoin holdings into fiat currency for withdrawal to traditional bank accounts.
World Liberty Financial (WLFI), a crypto firm backed by U.S. President Donald Trump, launched USD1, a stablecoin pegged to the US dollar, in March. By May, USD1 had become the seventh-largest stablecoin by market capitalization, underscoring the rapid expansion of the tokenized fiat market. The Trump administration has consistently emphasized the strategic importance of stablecoins in U.S. policy, viewing them as a means to bolster US dollar dominance by leveraging demand for US government Treasurys and other securities.
Despite these advancements, comprehensive stablecoin regulations faced a setback on May 8 when Democratic Senators blocked the GENIUS Stablecoin bill, disappointing senior officials in the Trump administration. Treasury Secretary Scott Bessent expressed his frustration in a May 8 X post, stating, "The Senate missed an opportunity to provide leadership today by failing to advance the GENIUS Act. This bill represents a once-in-a-generation opportunity to expand dollar dominance."
