Meta Returns to the Stablecoin Race: From Building Its Own Central Bank to Hidden Financial Infrastructure

Meta once attempted to establish a global digital currency system similar to a Central Bank through the Libra project, but ultimately failed under regulatory pressure. Today, the company has adopted a new strategy, no longer directly issuing stablecoins, but integrating existing stablecoins as payment solutions into its platform.

At the beginning of the year, Meta appointed Ginger Baker as Vice President of Payment Products, and the return of this veteran with extensive experience in the fintech sector is seen as a signal for the company's return to the stablecoin space. According to reports, Meta is exploring the use of stablecoins such as USDC for settling content creator earnings on its platform.

This new plan is significantly different from the era of Libra. Meta is no longer attempting to build a complete cryptocurrency payment ecosystem, but rather embedding existing stablecoins into its platform's account system, with clearing and reserves handled by third parties. This approach allows Meta to focus on its strengths in traffic aggregation and account management while avoiding the regulatory hurdles associated with directly issuing stablecoins.

However, this move has still raised the vigilance of regulators. Some senators questioned whether Meta is using the guise of cooperation to restart a "private currency network." Although Meta stated that it is only using USDC as a settlement tool, the focus of regulators has shifted from "who issues the stablecoin" to "who controls the accounts and settlement."

This transformation reflects the changing role of stablecoins in the financial ecosystem. It is shifting from a user-facing asset to a clearing module embedded in the underlying system. For users, stablecoins might become an invisible "settlement API" that can be used without the need for understanding.

Meta's new strategy represents a broader trend. Large tech platforms are no longer competing for the issuance of stablecoins, but are instead competing around "traffic ports." They are attempting to hide stablecoins within the payment processes of Web2, making them an inconspicuous infrastructure.

This change has raised new questions: When a platform controls the flow of funds, account creation, and data accumulation, has it become a new type of clearing organization? How should regulators respond to this financial innovation hidden within the Web2 structure?

Although the Libra project has been terminated, Meta's new attempts are unfolding in another way. The discussion about the boundaries between technology platforms and finance may have just begun.