Meta (META) Plans to Use Stablecoin to Manage Payouts: Fortune
Meta Seeks to Enter Booming Stablecoin Market: Fortune
The tech giant has also reportedly brought in a vice president of products with cryptocurrency experience to help develop the stablecoin.
Author: Aoyon Ashraf | Edited by: Nikhilesh De Updated: May 9, 2025 12:57 PM Published: May 8, 2025 7:58 AM
Basic information:
- According to Fortune's sources, Meta intends to create a stablecoin to manage financial transactions.
- The company has hired crypto industry veteran Ginger Baker as vice president of product to support stablecoin development.
- Meta's new cryptocurrency project comes after the failure of its previous blockchain project, Diem, which ran into regulatory issues.
Tech giant Meta (META) is planning to use a stablecoin to manage financial transactions, Fortune reports, citing five people familiar with the matter.
As Fortune points out, Meta has also hired VP of Product Ginger Baker, who has experience in cryptocurrency, to help develop stablecoins.
The company's return to the cryptocurrency sector is attracting attention, especially given that its blockchain project Libra, launched in 2019 and later renamed Diem, failed in 2022 due to tight regulatory scrutiny.
If Meta goes ahead with this project, it will enter the market at a time when stablecoins – digital tokens pegged to traditional currencies like the U.S. dollar – are becoming the hottest trend among cryptocurrency and traditional finance companies.
Organizations such as Ripple, Mastercard, Visa, Dutch bank ING, and Stripe are also joining the stablecoin industry. Standard Chartered estimates that the stablecoin market could grow by $2 trillion by the end of 2028.
However, lawmakers in the U.S. are also taking a hard look at stablecoins. A vote to begin debate on a bill to regulate the cryptocurrency industry failed on Thursday, with lawmakers raising concerns about some of the bill’s consumer protection and compliance provisions, as well as U.S. President Donald Trump’s recent intervention in stablecoins via World Liberty Financial’s USD1.
More information: Senate rejects stablecoin bill, delaying process over Trump's concerns about Fester
UPDATE (May 8, 20:15): Updated to add more information about the stablecoin bill.
