Years after abandoning its crypto project, Meta is in discussions with digital asset firms about integrating stablecoin payments into its platform, as reported by Fortune.
Citing sources, Fortune notes that Facebook has been engaging with crypto infrastructure companies to explore using stablecoins for managing payouts. This approach could facilitate more efficient payments across different regions, potentially reducing fees compared to traditional payment methods.
While no final decision has been reached, the parent company of Facebook, Instagram, and WhatsApp may consider a multi-token strategy that includes support for stablecoins such as Tether’s USDt and Circle’s USDC.
To explore these possibilities, Meta has appointed Ginger Baker, a board member of the Stellar Development Foundation and a former executive at Plaid, as Vice President of Product specializing in fintech and payments.
Meta has largely distanced itself from the crypto space following the collapse of its ambitious project involving a stablecoin, known as Diem, designed to support its digital wallet, Novi. After years of work led by former PayPal CEO David Marcus, both Novi and Diem were abandoned due to intense regulatory challenges.
Recently, the regulatory landscape has changed notably, influenced by a growing interest in crypto from U.S. political figures. However, progress was impeded last week when Democratic Senators blocked the Genius Stablecoin bill, despite a consensus that regulation is necessary.