Meta, formerly known as Facebook, is once again focusing on the possibility of integrating stablecoins into its products after a three-year hiatus.
Background of Libra and Regulatory Challenges
Meta's attempt to launch its token Libra in 2019 faced significant backlash from regulators worldwide. As a result, the rights and assets of the project were sold to Silvergate Capital Corporation.
Multi-Token Approach to Stablecoins
Reports suggest that Meta may adopt a multi-token approach, integrating support for existing, popular stablecoins such as Tether's USDT and Circle's USDC.
Regulation and the Stablecoin Market
The growing interest in stablecoins is not only from Meta but also from other firms. However, the GENIUS Act, a legislative measure regarding the regulation of stablecoins, was blocked by Democratic senators, raising questions about the future of regulation in this area.
Thus, Meta is refocusing on cryptocurrency payments, which could mark a significant step in the evolution of their business model, despite regulatory challenges.
