Meta joins the stablecoin competition, with small payments becoming the new battleground.

Reports indicate that Meta is in preliminary discussions with several crypto asset companies to assess the feasibility of using stablecoins as a means of managing cross-border payments.

Source: cryptoslate

Compiled by: Blockchain Knight

According to a report by Fortune magazine on May 8, citing informed sources, Meta is exploring a stablecoin-based payment infrastructure, making another effort to integrate blockchain technology into its platform.

According to reports, the tech giant is in preliminary discussions with several crypto asset companies to assess the feasibility of using stablecoins as a means of managing cross-border payments.

Relevant discussions involve use cases such as creator earnings payments on Instagram, where stablecoins can offer a lower-cost alternative compared to transfers based on fiat currency.

According to an executive from a crypto asset infrastructure company, Meta is currently in the "learning and understanding" phase and has not yet selected a specific stablecoin provider.

The company declined to comment on the matter.

Previous Attempts

Before Meta's latest move, it had made a high-profile but unsuccessful attempt to launch a stablecoin called the "Libra Project" (later renamed Diem) in 2019. The project aimed to establish a global payment network backed by a basket of fiat currencies.

However, the project was terminated due to regulatory pressure from U.S. lawmakers, and SilverGate.io bank acquired the assets of Diem.

According to reports, Ginger Baker, who joined Meta as Vice President of Product in January this year, is leading Meta's new stablecoin project. Baker previously worked at the fintech company Plaid and has relevant experience; he is also currently a board member of the Stellar Development Foundation, which oversees the Stellar blockchain.

As the United States seeks comprehensive recognition and regulation of stablecoins (considering them as digital representations of the dollar), Meta has launched this initiative.

Fidelity Investments recently revealed that it is testing a stablecoin, while payment giant Visa plans to launch a platform to tokenize fiat currency. Bank of America has also hinted that it plans to launch its own stablecoin once the regulatory environment becomes clearer.

Industry Participation and Personnel Changes

Sources say that Meta began engaging with crypto asset infrastructure companies in 2025, with early discussions focusing on using stablecoins as a tool to reduce the costs of international payments.

According to three people familiar with the situation of these meetings, the focus is on small payments, especially for content creators and digital freelancers operating in multiple markets.

According to reports, Circle, the issuer of USDC, is in talks with Meta through Matt Cavin, who was an executive at the gaming blockchain startup Immutable and joined Circle in March this year.

Meta CEO Mark Zuckerberg acknowledged the failure of the Diem project during the Stripe conference earlier this week, stating that the project has been declared terminated.

Zuckerberg added that while Meta often leads in adopting new technologies, it also has to re-enter markets that it had exited due to premature positioning or resistance.