Meta is currently in early discussions with crypto companies about the possibility of using stablecoins for international transactions.
Talks about Stablecoins
According to sources, Meta is exploring the option of using stablecoins for quick payments, such as for compensating content creators. Stablecoins are digital tokens typically pegged to the US dollar, helping avoid price fluctuations. Reports suggest discussions about utilizing stablecoins on the Instagram platform to facilitate small payouts of around $100 without the usual fees.
Ginger Baker's Role in Research
In January, Meta appointed Ginger Baker as Vice President of Product. She has a background in fintech, previously working at Plaid and serving on the board of the Stellar Development Foundation. It has been reported that Baker is leading Meta's stablecoin research efforts.
Meta's History in Crypto
Meta has previously attempted to enter the cryptocurrency space with the launch of the Libra project in 2019, which was later renamed Diem. This project faced significant challenges and was ultimately shut down in 2022. Meta's founder, Mark Zuckerberg, noted that the project is 'dead', yet emphasized that the company has plans to re-enter the market.
Meta's negotiations with crypto firms highlight new possibilities for stablecoin adoption, despite past setbacks in this arena.
