Meta investigates stablecoins for payouts
Years after being forced to abandon its crypto project, Meta is in talks with digital asset firms about integrating stablecoin payments into its platform, according to Fortune.
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Citing sources, Fortune says Facebook has been talking to crypto infrastructure players about introducing stablecoins as a way of managing payouts. Stablecoins could prove useful in enabling payouts to individuals across different regions more efficiently and with lower fees than more traditional payment options.
No final decision has been made, but the Facebook, Instagram and WhatsApp parent could take a multi-token approach and integrate support for the likes of Tether's USDt and Circle's USDC.
Meta has hired Ginger Baker, board member of the Stellar Development Foundation and a former Plaid exec, as a VP, product specialising in fintech and payments to help explore the possibilities, says Fortune.
Meta has largely steered clear of crypto since the collapse of its ambitions project to use a stablecoin, dubbed Diem, to back its own digital wallet called Novi. After years of work led by former PayPal boss David Marcus, Meta abandoned Novi and Diem amid fierce regulatory pushback.
However, recently the regulatory environment has changed significantly, thanks in large part to US President Donald Trump's crypto enthusiasm. Progress was stalled last week, when Democratic Senators blocked the Genius Stablecoin bill although both sides agree that regulation should be brought in.
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