Exclusive: Meta in talks to deploy stablecoins three years after giving up on landmark crypto project

In 2019, Meta announced a bold project: a new encrypted currency that can be used via Facebook and WhatsApp and a set of other digital platforms. Nevertheless, the company pulled plans on its plans to confront congress and other legislators. Now, Meta tests the encryption water again. According to five sources familiar with this issue, the company is conducting discussions with encryption companies to provide Stablecoins as a way of managing payments, and the Vice President of the Product also rented with encryption experience to help the sponsor in discussions. All the five sources, whose identities are known luck, She spoke on condition of anonymity to talk about private business transactions.

Mita refused to comment.

Stablecoins, a form of non -volatile cryptocurrency associated with US dollars, was a noisy producer in Blockchain, but strong policies to combat Crynpto for the Biden Administration have limited its prevailing adoption. However, the election of Donald Trump last November, as well as the recent acquisition of the Startup Bridge bridge by Stablecoin through the giant payment tape, stimulated its use in the wider financial world, especially as a form of cross -border payments.

Last month, Visa announced a partnership with Bridge Bridge Bridge Stablecoin for infrastructure; Fidelity Financial Company has revealed that it is developing its STABLECOIN; The tape revealed new financial accounts backed by stablecoins.

Meta’s interest in technology reflects the increasing interest in Stablecoins between non -carbonate companies, especially since the congressmen are discussing two draft laws regulating Stablecoins after years of organizational uncertainty.

Meta encryption plans

In January, Ginger Baker began in Meta as a producer and a specialist in Fintech and payments, according to LinkedIn. She previously worked as an executive director of Fintech Plaid and is still working on the Board of Directors of the Star Development Foundation, an encryption organization that runs the Blockchain class, according to its personal file. It helps to direct Stablecoin exploration from Meta, according to a person familiar with it.

META refused to make Baker to comment.

Meta continues to infrastructure companies earlier this year, according to three people who are familiar with this issue. Discussions remain in an initial stage, but they focus on a major feature provided by Stablecoins compared to FIAT – the ability to push individuals across different regions without high fees in other forms of payments, such as wire transfers.

One of the CEOs of the TV infrastructure provider has suggested that Meta’s Instagram can integrate Stablecoins to facilitate small payments within $ 100 for creators in different markets, which will lead to a decrease in fees if they were driven by Fiat currencies. They described Meta as “learning mode”, adding that Meta is likely to be unpunished about the type Stablecoin that he used, instead of choosing one provider, such as USDC in Circle. Two other executives were informed of the encryption luck They had early discussions with Meta, which focuses on the use of payments.

Meanwhile, Circle Matt Cavin hired in March of Gaming Blockchain Company. It leads discussions with Meta and other large technology companies, according to a source familiar with this. The CAVIN’s LinkedIn file describes its current role in Circle as leading “strategic partnerships from Tier-1” without specifying the companies in which it works.

The department refused to comment.

Stablecoin explosion

Meta exploration of Stablecoins is particularly noted because it was one day the most prominent major technology companies to explore the integration of encryption. In 2019, Meta announced the Blockchain initiative that has evolved into the scale, a proposed union for companies including Uber and Paypal that would launch Stablecoin supported by a basket of Fiat currencies. After the DIEM project, Meta gave up in early 2022 at scrutiny from the organizers. Meta sold Diem origins to a friendly Bank Silk Silkate for encryption.

A number of employees who worked on the scale continued to start their encryption companies, including David Marcus, who established Lightspark Lightspark Bitcoin Payment. Other graduates also continued to re -launch their Blockchains. The most prominent of which is the founders of Aptos and SUI, Blockchains, which works on a special programming language developed by Meta called Move.

On Tuesday, the founder and director of the Facebook company, Mark Zuckerberg, appeared at the Stripe Conference, where he admitted Diem’s ​​failure to discuss the stage with the founder of Stripe John Colison, according to a video presented to luck. Zuckerberg said: “This thing has died,” Zuckerberg said.

Later, when he was asked about a dead tendency to be early in technology, Zuckerberg said, it is definitely “more fun when you are more early than delayed.” But he added, “There are a lot of things that [we’re] Late, we have to get used to the game, which I think we are good at it as well. “

This story was originally shown on Fortune.com

2025-05-08 19:06:00