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Highlights
- Meta eyes stablecoins like USDT and USDC for global creator payouts via Instagram.
- Stablecoin market cap tops $230B as firms like Visa and Stripe join the wave.
- Meta returns to crypto three years after Diem’s shutdown, led by fintech VP Ginger Baker.
Mark Zuckerberg is reportedly planning Meta’s re-entry into the cryptocurrency sector, focusing on stablecoin-based payment solutions. According to reports, Meta is exploring the use of stablecoins to manage payouts across its platforms. This move comes three years after Meta ended its earlier blockchain project, Diem, which was initially called Libra.
Meta has held discussions with several crypto infrastructure firms but has not made a final decision, sources said. The company may adopt a multi-token approach using popular stablecoins such as Tether’s USDt and Circle’s USDC.
Meta Revisits Crypto After Diem’s Shutdown
Meta’s original attempt to launch a cryptocurrency, Libra, later renamed Diem, was shut down in 2022. The project faced strong resistance from lawmakers and regulators in the U.S. and other countries. These concerns led to the sale of Diem’s assets and the company stepping back from blockchain development.
Now according to Fortune, with a new strategy and leadership, Meta is reconsidering its role in the digital currency space. Ginger Baker, Meta’s new Vice President of Product, brings experience in financial technology and crypto. She joined Meta in January and is leading the stablecoin project discussions, according to sources familiar with the matter.
Exploring Stablecoin Use for Creator and Business Payouts
Meta is interested in using stablecoins to support payouts across its platforms such as Instagram. This could allow the company to send small payments to creators globally, avoiding high transaction fees tied to traditional banking.
One executive from a crypto firm stated Meta is in a “learn mode” and is open to using more than one type of stablecoin.
Three crypto executives confirmed early conversations with Meta, with a focus on cost-effective cross-border transfers. These payments could be as low as $100 per transaction, which is common for digital creators. Meta has not confirmed which stablecoin or provider it will work with, but it may stay flexible depending on the region or use case.
Financial Industry Movement Toward Stablecoins
Meta is not alone in exploring stablecoins for payments. Stripe, a global payments company, recently launched stablecoin-based accounts in more than 100 countries. Visa has also invested in the stablecoin startup BVNK, and is partnering with infrastructure provider Bridge.
Fidelity, Ripple and other financial firms are also creating their own stablecoins or entering the market. These developments reflect growing institutional interest in stablecoins, which are digital assets pegged to fiat currencies like the U.S. dollar. Market data shows stablecoin market capitalization has passed $230 billion.
Meta’s return to crypto is happening as stablecoins gain more support from payment platforms and investors. Standard Chartered has projected the market could grow by $2 trillion by 2028.
Stablecoin U.S. Regulatory Uncertainty Continues
Although stablecoins are gaining traction, regulatory progress in the U.S. has been slow. On May 8, a vote on the GENIUS Stablecoin bill failed in the Senate after Democrats withdrew support. Treasury Secretary Scott Bessent described the stalled legislation as a missed chance to advance the dollar’s role in digital finance.
Meanwhile, World Liberty Financial, a firm linked to U.S. President Donald Trump, launched its own stablecoin USD1 in March. By May, USD1 ranked fifth in global stablecoin market capitalization, underlining the fast rise of new entrants in the sector.
Mark Zuckerberg has not commented publicly on Meta’s latest crypto plans, and Meta has declined requests for statements. However, the company’s new hires and early talks with crypto firms suggest a renewed effort to use blockchain-based assets for digital payments.
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