Meta Doubles Down on Crypto: Stablecoins Eyed for Cross-Border Payouts
Meta’s latest crypto play targets the $150B+ remittance market—because nothing says ’trust’ like a tech giant reviving its blockchain ambitions after the Libra flameout.
Why stablecoins? Faster settlements, lower fees, and a backdoor into global payments while regulators nap at the wheel. The move signals Meta’s pivot from speculative tokens to pragmatic blockchain use cases—with a side of regulatory arbitrage.
Bankers scoff (’volatility risk!’), but Meta’s betting dollar-pegged tokens will appease watchdogs. Meanwhile, SWIFT’s 1970s infrastructure sweats under the glare of real-time settlements.
One hedge fund manager yawns: ’Just another tech firm playing finance—until the SEC serves them a reality check.’
Previous attempt
Meta’s latest effort follows its high-profile but unsuccessful attempt to launch a stablecoin in 2019 under Project Libra, which was later renamed to Diem. The initiative was designed to support a global payments network backed by a basket of fiat currencies.
However, the project ended due to regulatory pressure from US lawmakers, and Silvergate Bank bought Diem’s assets.
Ginger Baker, who joined the company in January as vice president of product, is reportedly leading Meta’s new stablecoin venture. Baker has previous experience in fintech through roles at Plaid and currently sits on the board of the stellar Development Foundation, which oversees the Stellar blockchain.
The initiative comes amid renewed interest in stablecoins as the US looks to fully recognize and regulate them as digital representations of the dollar.
Fidelity recently revealed it is testing a stablecoin, while payments giant Visa is looking to launch a platform to tokenize fiat currencies. Bank of America has also hinted at plans to launch its own stablecoin once the regulatory environment is more certain.
Industry engagement and personnel moves
Sources say Meta has initiated outreach to crypto infrastructure firms throughout 2025, with early conversations centered on stablecoins as a tool to reduce international payment costs.
According to three people briefed on the meetings, the focus is on small-dollar payouts, especially for content creators and digital freelancers operating across multiple markets.
USDC’s issuer Circle has reportedly been in talks with Meta through Matt Cavin, a former executive at gaming blockchain startup Immutable who joined Circle in March.
Meta CEO Mark Zuckerberg acknowledged Diem’s failure during an appearance at a Stripe conference earlier this week, where he said the project was dead.
Zuckerberg added that while Meta often leads in adopting new technologies, it has also been forced to re-enter markets where it was previously too early or met resistance.
