TechFlow, May 9 — According to Fortune, Meta is restarting its cryptocurrency initiatives and is currently in talks with multiple crypto firms to deploy stablecoin solutions primarily for cross-border payments. In January of this year, Meta hired Ginger Baker, former executive at Plaid, as Vice President of Product to lead the development of this business.
According to sources, Meta plans to first launch the stablecoin on Instagram, enabling creators to receive small cross-border payments while reducing high transaction fees associated with existing payment channels. This marks the company's first return to the cryptocurrency space since it discontinued the Diem (formerly Libra) project in early 2022.
The discussions are still in early stages, and Meta says it remains open-minded about which stablecoin provider to partner with. Zuckerberg, speaking at the Stripe conference this week about the past project, said: "That project (referring to Diem) is over."
