Meta explores stablecoins for payments, aiming to streamline creator payouts across platforms like Instagram - IcoHolder.

Meta is exploring the potential use of stablecoins for payments across its platforms, with early discussions focused on integrating these digital currencies for small-scale creator payouts. Sources familiar with the development revealed on May 8 that the tech giant is in talks with crypto infrastructure firms to evaluate stablecoin applications, particularly on platforms like Instagram. The discussions are still in their infancy, but executives suggest a flexible approach, possibly supporting multiple stablecoins to cater to various markets.

The consideration of stablecoins like USDT and USDC highlights Meta’s interest in cost-efficient and easily integrable solutions for global payments. These digital currencies offer the potential to lower transaction fees and improve the speed of cross-border payments, especially in regions where traditional financial systems can be slow or costly.

Meta’s renewed interest in cryptocurrency comes after its ill-fated attempt to launch the Libra project, which later became Diem. The initiative, which aimed to create a global digital currency, was shelved following strong political and regulatory resistance. Now, the company is cautiously re-entering the crypto space, with a focus on stablecoins rather than creating its own currency.

This shift comes with the addition of Ginger Baker as Vice President of Product, a former Plaid executive with significant experience in fintech and blockchain. Baker is reportedly helping shape Meta’s stablecoin initiatives and building relationships with potential crypto partners.

The broader context of Meta’s exploration into stablecoins comes at a time when corporate interest in digital currencies is growing. Companies like Stripe, Visa, and Fidelity have recently made significant moves in the stablecoin space, while U.S. lawmakers continue to debate regulatory frameworks. In a recent vote, the U.S. Senate blocked a key bill aimed at regulating stablecoins, with concerns about protections against illicit activities and foreign-issued stablecoins still unresolved.

As Meta navigates these complex regulatory waters, the company remains in a "learn mode," according to sources, and will continue to evaluate how stablecoins can fit into its broader strategy.