A stablecoin-driven payment infrastructure is being explored by Meta as part of its renewed initiative to incorporate blockchain technology into its platforms, according to a May 8 report by Fortune citing sources familiar with the development.
Preliminary discussions have reportedly been initiated by the tech giant with several cryptocurrency companies to assess the use of stablecoins as a method for handling cross-border payments, according to the report.
The discussions are centered around potential use cases such as distributing payments to creators on Instagram, where stablecoins are being considered as a low-cost alternative to traditional fiat-based transfers.
As stated by an executive from a cryptocurrency infrastructure firm, Meta is presently in an exploratory phase, described as “learn mode,” and has not yet committed to partnering with any particular stablecoin provider.
No comment was provided by the company regarding the matter.
Earlier Effort
Meta’s renewed initiative follows its widely publicized yet ultimately unsuccessful 2019 attempt to introduce a stablecoin through Project Libra, which was subsequently rebranded as Diem. The effort had been intended to establish a global payments system backed by a diversified reserve of fiat currencies.
However, the project was eventually discontinued as a result of regulatory pressure exerted by U.S. lawmakers, and Diem’s assets were subsequently acquired by Silvergate Bank.
Meta’s renewed stablecoin initiative is reportedly being led by Ginger Baker, who assumed the role of vice president of product in January. Baker brings prior experience from the fintech sector, having held positions at Plaid, and presently serves on the board of the Stellar Development Foundation, the organization responsible for overseeing the Stellar blockchain.
The initiative is being launched amid a resurgence of interest in stablecoins, as efforts are underway in the United States to formally recognize and regulate them as digital equivalents of the U.S. dollar.
It was recently disclosed by Fidelity that testing of a stablecoin is underway, while Visa, a major player in the payments industry, is preparing to roll out a platform designed to tokenize fiat currencies. Additionally, Bank of America has indicated that plans to introduce its own stablecoin may be pursued once greater regulatory clarity is achieved.
Industry Collaboration and Key Leadership Changes
According to sources, outreach efforts have been initiated by Meta toward crypto infrastructure firms throughout 2025, with preliminary discussions focusing on the use of stablecoins as a means to lower the costs associated with international payments.
As reported by three individuals familiar with the discussions, the primary emphasis has been placed on small-value payouts, particularly for content creators and digital freelancers working across diverse international markets.
Discussions have reportedly been held between Meta and Circle, the issuer of USDC, through Matt Cavin—a former executive at the gaming blockchain startup Immutable—who became part of Circle in March.
During an appearance at a Stripe conference earlier this week, Diem’s failure was acknowledged by Meta CEO Mark Zuckerberg, who stated that the project was effectively defunct.
Zuckerberg noted that although Meta frequently takes the lead in embracing emerging technologies, the company has also been compelled to re-enter markets where its initial efforts were either premature or met with substantial resistance.
