Meta Eyes Stablecoin Integration for Enhanced Payments
Meta might be making a comeback in the cryptocurrency world. According to five sources close to the matter, the tech giant is exploring stablecoin payments for it’s platforms, including Instagram. This move could revolutionize how creators get paid.
Executives are considering a multi-token strategy, staying open to various stablecoins like USDT and USDC. The goal is to find cost-effective solutions that work globally. Stablecoins could lower fees and speed up cross-border transactions,especially in regions with slow traditional systems.
Meta is still in the early stages of these discussions, described as “learn mode.” To bolster its crypto efforts, Meta hired Ginger baker as Vice President of Product. Baker, with extensive fintech and blockchain experience, is shaping the company’s stablecoin initiatives.
Meta’s interest in stablecoins follows its failed Libra project, which faced regulatory hurdles. Since then, stablecoins have gained traction, especially in the U.S. However, regulatory challenges persist. The U.S. Senate recently voted against the GENIUS Act, a bill aimed at regulating stablecoins, due to concerns about illicit activities and foreign risks.
Despite these challenges, companies like Stripe and Visa are embracing stablecoins. Meta’s renewed interest could signal a important shift in the crypto landscape.
