Meta is currently in the "learning and understanding" phase and has not yet selected a specific stablecoin provider.
Author: Cryptoslate
Translated by: Blockchain Knight
According to a report by Fortune magazine on May 8, citing informed sources, Meta is exploring a stablecoin-based payment infrastructure, making another effort to integrate blockchain technology into its platform.
The report states that the tech giant is in preliminary discussions with several crypto asset companies to assess the feasibility of using stablecoins as a means to manage cross-border payments.
Related discussions involve use cases such as creator earnings payments on Instagram, where stablecoins could provide a lower-cost option compared to fiat currency transfer fees.
According to an executive from a crypto asset infrastructure company, Meta is currently in the "learning and understanding" phase and has not yet selected a specific stablecoin provider.
The company declined to comment on the matter.
Previous Attempts
Before this latest initiative, Meta had previously launched the "Libra Project" (later renamed Diem) in 2019 with much fanfare but failed to succeed. The project aimed to establish a global payment network backed by a basket of fiat currencies.
However, the project was terminated due to regulatory pressure from U.S. lawmakers, and Silvergate Bank acquired Diem's assets.
Reports indicate that Ginger Baker, who joined Meta as Vice President of Product in January this year, is leading Meta's new stablecoin project. Baker previously worked at fintech company Plaid and has relevant experience; he also serves as a board member of the Stellar Development Foundation, which oversees the Stellar blockchain.
As the U.S. seeks comprehensive recognition and regulation of stablecoins (viewing them as digital representations of the dollar), Meta has launched this initiative.
Fidelity Investments recently revealed that it is testing a stablecoin, while payment giant Visa plans to launch a platform to tokenize fiat currency. Bank of America has also hinted at plans to launch its own stablecoin once the regulatory environment becomes clearer.
Industry Participation and Personnel Changes
Sources say that Meta began engaging with crypto asset infrastructure companies in 2025, with early discussions focusing on using stablecoins as a tool to reduce international payment costs.
According to three individuals familiar with the meetings, the emphasis is on small payments, particularly for content creators and digital freelancers operating in multiple markets.
Reports indicate that Circle, the issuer of USDC, is in talks with Meta through Matt Cavin, who was an executive at gaming blockchain startup Immutable and joined Circle in March this year.
Meta CEO Mark Zuckerberg acknowledged the failure of the Diem project earlier this week while attending a Stripe conference, stating that the project has been declared over.
Zuckerberg added that while Meta often leads in adopting new technologies, it also has to re-enter markets it previously exited due to premature positioning or resistance.
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