Meta may be eyeing stablecoin payments for Instagram creators

Meta could seek to reintegrate the cryptocurrency space by integrating stabgal payments on its platforms.

May 8, five sources familiar with development toLd Fortune that the technology giant is at the start of talks with cryptography infrastructure companies to explore cases of use of Stablecoin, potentially for small -scale creator payments on platforms like Instagram.

The leaders involved in the talks suggest that Meta is considering a multi-token strategy and can remain agnostic as to the stablescoins it supports.

The options considered include the main players such as USDT and USDC, the main objective being profitability and ease of integration in the global markets.

Stablecoins could allow Meta to reduce transaction costs and rationalize cross -border payments, especially in countries where traditional payment systems are slower or more expensive.

However, sources have noted that the discussions were at a preliminary stage and described Meta as being in “Learn mode”.

As part of its renewed crypto push, Meta recently hired Ginger Baker as vice-president of the product. Baker, a former leader of Plaid and current member of the board of directors of the Stellar Development Foundation, brings in -depth experience of the Fintech and the Blockchain.

Sources say that it helps to shape the Meta Stablecoin of Meta initiatives internally and is involved in the awareness of the company to cryptographic partners.

Meta’s interest in Stablecoins comes from years after her bad attempt to launch Balance, later renamed Diem. The project sought to create a global digital currency Supported by a basket of fiduciary currencies and supported by a consortium which included major names like Uber and Paypal.

However, he quickly met intense Political and regulatory resistancein the United States and abroad. At the beginning of 2022, meta abandoned The initiative entirely and sold Diem’s ​​assets to the Crypto-Friendly Silvergate bank.

Stablecoins have gained significant land since then, especially among fintech and institutional actors, especially in the United States. In the Trump administration, the stablecoins were positioned as a key element in the American financial strategy.

As indicated previously by Crypto.News, Stripe, for example, recently spear Financial accounts based on stablescoin in more than 100 countries on May 7.

Last month, giant payments visa in partnership With Bridge and invested in the start of Stablecoin Bvnk, while Fidelity develops his own stablescoin.

But as the adoption of companies is accelerating, Washington remains divided on how to regulate the booming market of Stablescoin.

On May 8, the American Senate voted against By advancing the Act on Engineering, a key element of legislation aimed at establishing a federal regulatory framework for stablecoins. The vote of the procedural fund failed 48 to 49, going down the 60 votes necessary to start the official debate.

Although the bill has already had Authorized the Senate banking committee With bipartite support, he finally blocked after several Senate Democrats raised last minute objections. Their concerns focused on the lack of robust protections against illicit financial activity and the potential risks associated with stalins issued by foreign entities.