Meta is once again exploring the integration of stablecoins to drop payment costs, having previously sold the Diem project.

Meta is once again exploring the integration of stablecoins to drop payment costs, having previously sold the Diem project. Meta is considering integrating stablecoins to reduce payment costs compared to fiat, such as making payments to Instagram creators. Reports indicate that “the company does not seem to have determined which stablecoin to use specifically at this time.” Additionally, Meta has “reached out to encryption infrastructure companies to address the cost issues of cross-region payments.” The company has also hired “former Ripple executive Ginger Baker as Vice President of Product.” The renewed focus on stablecoins comes as “U.S. regulators have taken a more friendly stance on encryption after President Trump took office.” In 2019, Meta launched the stablecoin project Libra, which was later renamed Diem, but “due to regulatory crackdowns, the project was unable to launch as scheduled and ultimately shut down.” The intellectual property of Diem has been sold to SilverGate.io bank, which later announced bankruptcy; “the project continues to be carried on in new chains like Aptos using the MOVE language, but is no longer associated with Meta.”