- Meta is exploring stablecoin payments for cross-border creator payouts, revisiting blockchain after its failed Diem project.
- The initiative, led by former Plaid exec Ginger Baker, is still in early discussions with crypto firms, with no provider confirmed yet.
- As Meta tests the waters, giants like Fidelity and Visa are also eyeing stablecoin solutions amid rising regulatory focus.
Meta’s not done with crypto just yet. The tech giant is reportedly dipping its toes back into blockchain waters, exploring stablecoin-based payments as a way to cut costs on cross-border transactions. According to Fortune, Meta’s in early talks with several crypto firms, eyeing use cases like creator payouts on Instagram. But right now, they’re in “learn mode,” not fully committing to any particular stablecoin provider just yet.
Diem 2.0? Or Just Testing the Waters?
This isn’t Meta’s first dance with stablecoins. Back in 2019, they launched Project Libra, later rebranded to Diem — a global payments network backed by fiat currencies. But regulators shot it down, and Silvergate Bank eventually bought Diem’s assets. Now, Ginger Baker, Meta’s VP of Product and a former Plaid exec, is reportedly leading the charge on this latest blockchain venture.
A Renewed Crypto Push as Industry Heats Up
Meta’s move comes as other big players like Fidelity and Visa ramp up their stablecoin projects. Sources say Meta’s targeting small-dollar payouts for creators and freelancers, hoping stablecoins could offer a cheaper, faster alternative to fiat.
Meanwhile, USDC’s issuer Circle has been in talks with Meta, with former Immutable exec Matt Cavin reportedly playing a key role.
