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Meta begins discussions on stablecoins after three years of scrapping major crypto effort
Meta is reconsidering stablecoins after three years of scrapping its major cryptocurrency project due to regulatory pressure. According to five anonymous sources cited by Fortune, Meta is currently discussing the integration of stablecoins with cryptocurrency companies. These digital assets, which are typically pegged to the US dollar, are preferred for cross-border transactions and lower fees compared to traditional banking services.
Meta's return to cryptocurrency
In 2019, Meta originally planned to launch a massive cryptocurrency known as Libra, which also involved collaboration with Uber and PayPal. The project was halted in early 2022 when regulatory pressure forced the closure of Diem, which it had previously referred to as the project.
Diem's assets were sold to Silvergate Bank, known for supporting crypto businesses. Meta's CEO Mark Zuckerberg recently acknowledged the project's failure at a Stripe conference, simply describing it as "dead." Currently, Meta has appointed Ginger Baker as Vice President of Product, specializing in financial technology and payments.
Baker previously held an executive role at the fintech company, Stacked. She also serves on the board of the Stellar Development Foundation, overseeing the blockchain used for international payments.