The company, according to a report by Fortune, is in discussions with multiple crypto companies but has not agreed on a course of action yet.
Meta had once ambitious plans for its Libra venture, eventually rechristened Diem. That vision crashed in 2022 under massive pressure from US regulators and politicians. The firm eventually sold the assets of Diem and bid goodbye to crypto — at least temporarily.
Now, with a new leadership group and more conservative strategy, Meta is reassessing the industry. Ginger Baker, hired in January as Vice President of Product, is spearheading initial discussions about leveraging stablecoins for business and creator payments. She has a financial technology and crypto background, which will likely inform the company’s next move.
One of the key concepts under consideration is utilizing stablecoins such as USDC and USDT for remitting small payouts to creators and businesses globally. Instagram influencers, for instance, typically receive payments of approximately $100 per transaction — sums that get devoured by conventional bank fees when remitted across borders.
With stablecoins, such payments may be quicker and less expensive. According to reports, Meta has not yet chosen a specific stablecoin but will use various ones depending on the region or application. A crypto executive party to the discussions indicated that Meta remains in “learn mode” and is also open to a multi-token configuration.
Meta is not the only business exploring stablecoins. Stripe now supports accounts based on stablecoins in more than 100 nations. Visa partnered with a firm called Bridge and invested in BVNK, a startup that specializes in stablecoins. Fidelity and Ripple are also developing stablecoin products.
The stablecoin market has grown to over $230 billion, and according to some analysts, it could reach $2 trillion by the end of 2028. With such momentum, it is no wonder Meta does not wish to be left behind.
Featured image from Unsplash, chart from TradingView
