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13h ago

Meta Explores Stablecoins for Cross-Border Creator Payments

The tech giant is in early talks with crypto firms to use USD-pegged tokens for low-cost international payouts, three years after abandoning its Libra/Diem project.

Senator Elizabeth Warren ( Kayla Bartkowski/Getty Images)
Mark Zuckerberg, CEO of Meta, speaks at a conference in September.
WASHINGTON, DC - JANUARY 31: Mark Zuckerberg, CEO of Meta testifies before the Senate Judiciary Committee at the Dirksen Senate Office Building on January 31, 2024 in Washington, DC. The committee heard testimony from the heads of the largest tech firms on the dangers of child sexual exploitation on social media. (Photo by Alex Wong/Getty Images)

Overview

  • Meta is in preliminary discussions with crypto infrastructure providers to explore stablecoins as a tool for managing cross-border payouts to creators.
  • The company has hired Ginger Baker, a fintech and crypto expert, as vice president of product to guide its stablecoin efforts.
  • Stablecoins, pegged to fiat currencies like the U.S. dollar, offer a low-fee alternative to traditional wire transfers for international transactions.
  • This marks Meta's cautious return to cryptocurrency following the regulatory failure of its Libra/Diem initiative, which was abandoned in 2022.
  • Political and regulatory scrutiny persists, with figures like Sen. Josh Hawley opposing the idea of tech firms issuing digital currencies.