Meta Considering Stablecoins Integration

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Meta is considering integrating stablecoins for global payouts on its platforms, as reported by Fortune, citing five informed sources.

The company is in early talks with crypto infrastructure firms, marking its return to digital assets after halting the Diem project in January 2022 due to regulatory hurdles.

Originally launched in June 2019 as Libra, Diem was envisioned as a global stablecoin backed by a consortium of major companies.

Meta has recently appointed Ginger Baker, a fintech veteran and former Plaid executive, as Vice President of Product. Baker, also a board member of the Stellar Development Foundation, is leading Meta’s new stablecoin initiatives.

These discussions focus on leveraging stablecoins for cross-border payments, offering a more cost-effective alternative to traditional wire transfers.