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12h ago

Meta Explores Stablecoins for Cross-Border Payouts After Diem Setback

The tech giant is in early discussions with crypto firms to leverage stablecoins for low-cost international payments, supported by new leadership with fintech expertise.

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 revisiting stablecoin integration, focusing on using the technology for cross-border payouts to reduce transaction fees.
  • The company has hired Ginger Baker, a crypto-experienced VP of product, to guide its stablecoin efforts and initial discussions with infrastructure providers.
  • These talks remain at an early stage, with Meta described as being in 'learn mode' and agnostic toward specific stablecoin providers.
  • This move follows Meta's earlier abandonment of its Diem (formerly Libra) stablecoin project in 2022 under regulatory scrutiny.
  • The renewed interest comes as major firms like Visa, Fidelity, and Stripe accelerate stablecoin adoption and U.S. lawmakers debate new regulatory frameworks.