Meta is quietly exploring stablecoin payments after a three‑year break from cryptocurrency projects. The Facebook parent has held talks with several crypto infrastructure firms but has not settled on a clear path forward.
Sources speaking to Fortune say the company is looking at using stablecoins to handle payouts and has hired a vice president of product with crypto experience to guide its efforts.
A Second Act in Crypto
Back in 2019, Meta unveiled plans for a new cryptocurrency that could work across Facebook, WhatsApp, and other services. Lawmakers in Congress and regulators pushed back hard, and the project was shelved.
Now, Meta is circling the crypto world once again. Five people familiar with the matter say the company is in “learn mode,” exploring how stablecoins might let it send payments around the globe at low cost.
Building the Right Team
In January, Meta hired Ginger Baker as vice president of product, tapping her background in fintech and blockchain. Baker previously held a senior role at Plaid, a payments company, and serves on the board of the Stellar Development Foundation.
Inside Meta, she is leading talks with outside partners to assess how stablecoins could power new services on Instagram, Facebook, and beyond.
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Early Discussions with Crypto Firms
Conversations between Meta and crypto infrastructure providers remain at an early stage. One executive suggested that Instagram could use stablecoins to pay creators small amounts, around $100 per transaction, without the fees tied to wire transfers or traditional banking rails.
Unlike in 2019, Meta seems open to working with multiple stablecoin issuers rather than building its token.
Momentum in the Market
Stablecoins have gained traction across finance this year. The total market value of stablecoins rose by more than $9 billion in the past 30 days to reach $242.8 billion, according to DeFiLlama data. Since January, the combined market cap has grown by $37.6 billion.
Major players are moving fast. In recent weeks, Visa partnered with the stablecoin issuer Bridge, Fidelity announced plans for its token, and Stripe unveiled financial accounts powered by stablecoins.
Institutional Backing and Regulation
Meta’s renewed interest comes as lawmakers debate how to regulate stablecoins. The Senate recently saw the GENIUS Act fail to advance, but Senator John Thune plans to reintroduce it next week.
The bill would create a clear legal framework for stablecoins, addressing long‑standing uncertainty. Industry leaders say regulation will help stablecoins reach mainstream use by ensuring issuers keep adequate reserves and follow strict rules.
Competition and Collaboration
Circle, the issuer of USDC, has hired Matt Cavin from the blockchain gaming firm Immutable to lead talks with Meta and other Big Tech names. Cavin’s role is described as managing “tier‑1 strategic partnerships,” though he has not named his contacts.
Meanwhile, Stripe’s acquisition of Bridge for $1.1 billion shows how payment firms see stablecoins as key to cross‑border transfers.
Why Stablecoins Matter?
Stablecoins are digital tokens designed to hold a steady value, often by linking to the US dollar. They act as a bridge between the fast‑changing world of cryptocurrencies and traditional finance.
Traders use them to move funds quickly without touching banks. Remittance services harness them for lower fees and faster transfers. And in decentralised finance, they serve as the foundation for lending, borrowing, and earning interest.
Meta’s cautious approach reflects lessons learned from its first crypto push. Lawmakers remain wary, and regulators have signalled that they will demand transparency and consumer protections.