Meta reportedly exploring stablecoin deployment, plans to bring crypto support to Facebook, WhatsApp
Representative image
Facebook parent Meta is once again testing the deployment of stablecoins. This move comes three years after abandoning its ambitious Diem (formerly Libra) cryptocurrency project due to regulatory pushback. According to a report by Fortune, Meta is in preliminary talks with crypto infrastructure firms to explore stablecoins as a payment solution, particularly for content creators across its platforms — Facebook, WhatsApp. The company is reportedly considering multiple stablecoins, such as USDC and USDT, rather than relying on a single provider.
Meta's crypto strategy
The report further adds that this renewed interest in digital currencies suggests a potential shift in Meta's strategy, possibly driven by the evolving regulatory landscape and the growing adoption of stablecoins. Companies like Visa, Stripe, and Fidelity have recently entered the space, signaling broader acceptance. Meta's Vice President of Product, Ginger Baker, who specializes in fintech and payments, is leading the company's stablecoin exploration. Baker previously worked at Plaid and serves on the board of the Stellar Development Foundation, a crypto organization managing a layer 1 blockchain.
Meta is reportedly evaluating stablecoins for
cross-border payments
, aiming to reduce high transaction fees associated with traditional banking methods. The company's move reflects a broader trend of non-crypto firms integrating blockchain-based financial solutions.
While the details of Meta's plans are still emerging, this development signals the company's continued interest in leveraging blockchain technology and digital currencies.
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