Mark Zuckerberg led Meta is said to be looking at stablecoin options to make payouts across Facebook, WhatsApp, and other digital platforms according to sources that spoke with Fortune. The tech giant may be looking to make a comeback into the cryptocurrency space, years after it hit the brakes on its blockchain project Libra which was abandoned in 2022 due to regulatory scrutiny.
According to the Fortune report, Meta has also hired a VP of product, who is likely to lead the project and one with prior crypto experience. It named Ginger Baker, who had previously worked as an executive at a fintech company and also serves on the board of a crypto organisation, to help Meta in its stablecoin foray.
Stablecoins have gained popularity in the recent past, with many companies like VISA, Ripple, Stripe, Mastercard throwing their hat in the ring. A stablecoin is a type of cryptocurrency designed to maintain a stable value by pegging it to an underlying asset, often a fiat currency like the U.S. dollar or commodities like gold.The most popular and largest stablecoin by market capitalization is Tether (USDT) followed by Circle’s USDC and even Trump backed World Liberty Global’s USD1.
Meta’s interest in the technology reflects a rethink to its previous stance, where it’s ready to test the waters once again. If the plan materializes it will give Meta the ability to pay creators and developers across different regions, without having to pay the high fees associated with wire transfers and currency conversions.
