- Meta explores stablecoins like USDT for Instagram creator payouts, reviving crypto plans after Libra’s 2022 collapse under a more open regulatory climate.
- Hiring ex-Stellar VP Ginger Baker signals Meta’s shift toward existing stablecoins, avoiding Libra’s pitfalls while eyeing future DeFi integrations.
Meta is reportedly in preliminary discussions with cryptocurrency firms to incorporate stablecoins such as USDT and USDC for cross-border transactions, specifically targeting payments to Instagram content creators.
While the company has not formally confirmed these plans, recent hires with blockchain expertise suggest a renewed focus on digital assets. This move follows Meta’s earlier setback with the Libra project, later rebranded Diem, which faced regulatory pushback before being discontinued in 2022.
Shifting Strategy: From Libra to Existing Stablecoins
Unlike its previous attempt to launch a proprietary cryptocurrency, Meta now appears focused on leveraging established stablecoins. This approach may streamline regulatory compliance, a key hurdle for Libra.
The current U.S. administration has shown greater openness to stablecoins, framing them as tools for financial innovation. Meta’s pivot aligns with this shift, aiming to avoid the scrutiny that derailed its prior ambitions.
The appointment of Ginger Baker, formerly of Plaid and Stellar, as Vice President of Product underscores Meta’s strategic direction. Baker’s background in blockchain infrastructure could prove instrumental in designing systems for seamless cross-border payments. Industry observers speculate that Meta might later expand into decentralized finance (DeFi) offerings, such as lending or staking, though these plans remain unconfirmed.
Bitcoin continues to demonstrate strength in markets
The asset currently trades at $103,165, reflecting a 6% rise over 24 hours and a 35% gain across the past month. ETHNews analysts attribute this uptick to broader institutional interest and macroeconomic factors, though Meta’s stablecoin talks have not yet directly influenced prices.
Meta’s exploration highlights growing corporate interest in stablecoins for practical applications. Should the company proceed, its global user base could accelerate adoption of crypto-based payment systems. However, regulatory challenges persist. The U.S. and other jurisdictions are still refining frameworks for digital assets, creating uncertainty for large-scale implementations.
For Instagram creators, stablecoin integration could reduce transaction fees and processing times for international payments. This aligns with broader trends in the gig economy, where speed and cost efficiency are priorities.
The post Meta Explores Stablecoin Integration for Instagram Creator Payments appeared first on ETHNews.
