What Happened?
According to informed sources, Meta is currently in discussions with several cryptocurrency companies, aiming to initiate a new stablecoin project. Additionally, Meta has hired a vice president of product with experience in the cryptocurrency sector to lead this initiative.
Meta previously launched the stablecoin project “Libra” in 2019; however, this project faced opposition from U.S. regulatory agencies and was ultimately terminated in early 2022.
At this time, Meta is not the only entity choosing to enter the stablecoin market. In the context of changing political winds in the U.S. and the gradual formation of stablecoin regulatory frameworks, several financial and technology companies are expanding their involvement in stablecoins, including Fidelity Investments and Bank of America.
Meta Restructures Stablecoin Applications
Following the failure of Meta’s blockchain project “Libra” in 2019, the company is once again venturing into the cryptocurrency space. According to a report by Fortune, Meta is currently negotiating with multiple cryptocurrency companies to evaluate the use of stablecoins as a new infrastructure for payments and rewards within its platform. At the same time, Meta has hired a vice president of product with experience in the cryptocurrency field to help lead these discussions.
This information comes from five informed sources, and Fortune states that the interviewees requested to remain anonymous due to the confidential nature of the matter.
Facebook, Meta’s predecessor, launched the highly publicized “Libra” project in 2019, intending to create a stablecoin backed by fiat currency and to form an alliance with companies like Uber and PayPal to develop a payment network. However, this initiative faced strong opposition from the U.S. Congress and regulatory agencies, leading to a rebranding as “Diem.” Ultimately, the project was announced as terminated in early 2022, with related assets sold to crypto-friendly bank Silvergate.
In 2025, Meta quietly restructured its efforts. According to sources, Ginger Baker, who joined Meta as vice president of product in January 2025, is responsible for this stablecoin initiative. He previously held a senior position at fintech company Plaid and is currently a board member of the Stellar Development Foundation.
Furthermore, Fortune noted that Circle, a stablecoin issuer, hired Matt Cavin from blockchain gaming company Immutable in March of this year; he is reportedly leading strategic partnership discussions with Meta and other tech giants.
The Surge of Stablecoins: Major Tech and Financial Firms Compete for Position
Earlier this week, Meta CEO Mark Zuckerberg personally discussed the former Libra project at Stripe’s annual conference. He candidly stated, “That thing’s dead,” in a lighthearted tone.
He added, “Meta is indeed good at seizing opportunities, but there are many times when we move too early and then have to find our way back into the game. However, I think we have done well in this regard.”
In fact, Meta is not the only entity choosing to enter the stablecoin market at this time. With changing political dynamics in the U.S. and the gradual formation of stablecoin regulatory frameworks, numerous financial and technology companies are broadening their involvement in stablecoins.
For instance, Visa announced a partnership with stablecoin infrastructure company Bridge; Fidelity is developing its own stablecoin; payment service provider Stripe invested $1.1 billion to acquire Bridge and launched a new financial account that integrates stablecoins; Bank of America has also indicated that it does not rule out the possibility of issuing its own stablecoin once regulations become clearer.
Reports suggest that Meta’s current strategic focus leans more toward practical application scenarios, such as cross-border micropayments. The greatest advantage of stablecoins lies in their relatively stable prices (often pegged to the U.S. dollar) and their ability to circumvent the traditional cumbersome and costly mechanisms of bank wire transfers. This payment method is both quick and inexpensive for creators or digital freelancers on platforms like Instagram.
This wave of actions indicates that stablecoins are gradually transitioning from “experimental tools in the blockchain world” to mainstream financial instruments, demonstrating practical value especially in cross-border payments, platform economies, and digital asset management.
Source: Fortune, CryptoSlate