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3mo ago

Meta Explores Stablecoins for International Payouts, Reviving Crypto Ambitions

Three years after abandoning its Diem project, Meta is in early talks with crypto firms to use stablecoins for low-cost creator payouts, drawing political scrutiny.

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 low-fee, cross-border payouts to creators and partners.
  • The company has hired Ginger Baker, a fintech expert and former Plaid executive, as VP of product to guide its stablecoin strategy.
  • The initiative marks Meta’s return to cryptocurrency following the regulatory collapse of its Libra/Diem project in 2022.
  • Senator Josh Hawley has publicly opposed Meta’s potential reentry into the stablecoin market, citing concerns over Big Tech's influence on financial systems.
  • The U.S. Congress remains divided on stablecoin regulation, with bills like the STABLE and GENIUS Acts stalled after facing Senate resistance.