Meta, the social media conglomerate, is reportedly engaging in early-stage talks with multiple cryptocurrency firms to explore the deployment of stablecoins as a method for managing payouts, particularly targeting content creators across its platforms like Instagram. This move marks Meta’s renewed interest in cryptocurrency solutions after the discontinuation of its earlier blockchain project, Diem, which faced regulatory hurdles and was ultimately shelved in 2022.
To spearhead this initiative, Meta has appointed Ginger Baker as Vice President of Product. Baker brings extensive experience in fintech and crypto, having previously worked at Plaid and serving on the board of the Stellar Development Foundation, a blockchain organization. Her role involves guiding Meta’s exploration of stablecoins, which are digital currencies pegged to stable assets like the U.S. dollar, enabling low-fee, cross-border payments.
Sources indicate that Meta is currently in a “learning mode,” evaluating various stablecoin options without committing to a single provider such as Circle’s USDC. The discussions focus on leveraging stablecoins to facilitate small payouts-around $100-to creators in different regions, reducing the costs and delays associated with traditional fiat transfers.
This initiative aligns with a broader industry trend where major financial and technology firms are increasingly adopting stablecoins for faster and cheaper payment solutions amid evolving regulatory landscapes. Meta’s renewed crypto efforts could signal a significant step toward integrating blockchain-based payment systems into mainstream social media ecosystems.
Meta has declined to comment on these developments.
