Facebook’s parent company, Meta Platforms, is making a comeback into the crypto world with potential stablecoin payment support for Instagram creators.
Tech giant Meta Platforms Inc., has plans to introduce stablecoin payments to Instagram users in the coming weeks. This is a significant comeback considering that the firm had previously suspended its crypto project, Diem.
Meta Makes Crypto Comeback
The Mark Zuckerberg-led firm is re-entering crypto by integrating stablecoin payments across its platform. With stablecoins, Meta could reduce transaction costs and streamline cross-border payments. This is significant, especially for countries with slow and expensive traditional payout systems.
Some sources familiar with the matter noted that Meta has entered into strategic preliminary conversations with certain crypto infrastructure firms in preparation for this move. According to executives involved in the talks, their topic of discussion is a multi-token strategy.
They have hinted that Meta may remain agnostic about which stablecoins it supports. However, there is speculation that the tech firm will support top stable assets like USDT and USDC. Meta’s choice of stablecoin is likely to be based on the criteria of being the most cost-effective and easy to integrate across global markets.
In light of its re-entry into the crypto space, Meta recently hired crypto-experienced Ginger Baker as its Vice President of Product. Baker has several years of experience and expertise in fintech and blockchain technology. She was formerly a Plaid executive and a current Stellar Development Foundation board member.
Stablecoin Adoption Sees a Significant Surge
Generally, there is an increased adoption of crypto solutions globally, but much more, stablecoins are fast gaining traction.
Apart from USDT and USDC, which hold the largest share of the market, more stablecoins have entered the niche. Blockchain payment firm Ripple Labs launched its USD-pegged token RLUSD a while ago after getting a green light from the New York State Department of Financial Services (NYDFS).
Meanwhile, Circle and Binance have pursued a new partnership to boost the global adoption of USDC. Circle CEO Jeremy Allaire announced the alliance on X in December, citing that it is geared towards “the next phase of stablecoin and crypto adoption.”
Binance’s responsibility is to expand USDC’s availability across its trading platform for trading, saving, and payments.
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