- Meta is exploring stablecoin funds for cross-border creator payouts, revisiting blockchain after its failed Diem undertaking.
- The initiative, led by former Plaid exec Ginger Baker, remains to be in early discussions with crypto companies, with no supplier confirmed but.
- As Meta assessments the waters, giants like Constancy and Visa are additionally eyeing stablecoin options amid rising regulatory focus.
Meta’s not carried out with crypto simply but. The tech large is reportedly dipping its toes again into blockchain waters, exploring stablecoin-based funds as a method to minimize prices on cross-border transactions. In keeping with Fortune, Meta’s in early talks with a number of crypto companies, eyeing use instances like creator payouts on Instagram. However proper now, they’re in “study mode,” not absolutely committing to any explicit stablecoin supplier simply but.
Diem 2.0? Or Simply Testing the Waters?
This isn’t Meta’s first dance with stablecoins. Again in 2019, they launched Mission Libra, later rebranded to Diem — a world funds community backed by fiat currencies. However regulators shot it down, and Silvergate Financial institution finally purchased Diem’s property. Now, Ginger Baker, Meta’s VP of Product and a former Plaid exec, is reportedly main the cost on this newest blockchain enterprise.
A Renewed Crypto Push as Business Heats Up
Meta’s transfer comes as different huge gamers like Constancy and Visa ramp up their stablecoin initiatives. Sources say Meta’s focusing on small-dollar payouts for creators and freelancers, hoping stablecoins may provide a less expensive, quicker different to fiat.
In the meantime, USDC’s issuer Circle has been in talks with Meta, with former Immutable exec Matt Cavin reportedly enjoying a key position.