Meta is engaged in internal discussions regarding the potential use of stablecoins to optimize payment processes and reduce transaction costs.
Preliminary Talks on Stablecoins
According to multiple sources, Meta is in preliminary talks with cryptocurrency infrastructure providers exploring how stablecoins can support low-cost transactions for content creators. The company is considering support for multiple stablecoins, including USDC and USDT.
Meta's Strategy After Libra's Failure
Meta is described as being in 'learning mode', indicating that no final decisions have been made yet. This initiative follows the company's previous unsuccessful attempt with the Libra project, later rebranded as Diem, which was abandoned in 2022 due to heavy regulatory backlash.
Meta's Role in the Growing Stablecoin Market
Recent developments in the stablecoin space, such as Stripe's launch of stablecoin-based financial accounts and Visa's investments in related startups, underline the increasing legitimacy of stablecoins within the fintech space. This effort is also fueled by the appointment of Ginger Baker at Meta, who now leads the company's internal stablecoin strategy.
Meta's renewed interest in stablecoins suggests a gradual acknowledgment and integration of digital assets into traditional financial processes, opening new opportunities for content creators.
