Meta considering stablecoins for international payments in revamped cryptocurrency initiative.
Meta is investigating the potential of stablecoins to enhance its payment systems, aiming to weave blockchain technology into its services, as reported on May 8 by various insiders.
The tech conglomerate is reportedly in early talks with several cryptocurrency companies to assess stablecoins as a viable option for facilitating international payments.
These discussions are exploring applications such as influencer payments on Instagram, where stablecoins could present a budget-friendly alternative to traditional currency transfers.
An executive from a crypto services firm noted that Meta is currently in a phase of exploration and has not yet committed to collaborating with any specific stablecoin provider.
The company has chosen not to provide comments regarding these developments.
Previous Attempt
This new initiative follows Meta’s notable but failed attempt to introduce a stablecoin in 2019 with Project Libra, which was eventually rebranded as Diem. This venture aimed to establish a worldwide payment system supported by a collection of fiat currencies.
Nevertheless, regulatory challenges from U.S. lawmakers ultimately led to the project’s dissolution, and Silvergate Bank acquired the assets of Diem.
Ginger Baker, who became the vice president of product in January, is reportedly spearheading Meta’s renewed stablecoin endeavor. Baker has a background in fintech through positions at Plaid and currently serves on the board of the Stellar Development Foundation, which manages the Stellar blockchain.
This initiative emerges during a resurgence of interest in stablecoins, as the U.S. aims to fully recognize and regulate them as digital forms of the dollar.
Fidelity has recently announced tests of a stablecoin, while Visa is gearing up to launch a platform aimed at tokenizing fiat currencies. Bank of America has suggested it may introduce its own stablecoin once regulatory clarity is achieved.
Industry Engagement and Personnel Moves
Reports indicate that Meta has begun consultations with crypto infrastructure companies throughout 2025, with initial discussions focused on stablecoins as a means to lower the costs associated with international payments.
According to three individuals briefed on the conversations, the primary focus is on small payments, particularly for content creators and digital freelancers working in various regions.
Circle, the issuer of USDC, is said to have engaged in discussions with Meta through Matt Cavin, a former executive at the gaming blockchain firm Immutable, who joined Circle in March.
Mark Zuckerberg, CEO of Meta, admitted the failure of Diem during a recent appearance at a conference organized by Stripe, where he declared that the initiative was no longer viable.
Zuckerberg remarked that while Meta often takes the lead in integrating new technologies, it has also faced the need to revisit markets where it previously ventured too early or faced opposition.
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