Meta Not Done with Crypto—Stablecoin Strategy Back on the Table

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Meta is secretly pursuing a new direction into crypto, almost three years after it closed its struggling Diem project. The aim this time is not to build a new digital currency but to leverage current stablecoins to facilitate small payments between platforms such as Instagram.

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.

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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.

Meta CEO Mark Zuckerberg. Image: The420.in

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.

Stablecoins Could Power Creator Payments

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.

Total crypto market cap currently at $3.2 trillion. Chart: TradingViewWith 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.

Image: BFA Global

Large Financial Institutions Entering Stablecoins Too

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.

Related Reading: Robinhood CEO Says US Crypto Is Rising From The AshesThe 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

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