Instagram may become a test field for stablecoins: Meta layouts creators' micropayments, aiming at Visa and the traditional banking system​​

Original source: cryptoslate

Compiled by: Blockchain Knight

According to Fortune magazine, citing people familiar with the matter on May 8, Meta is exploring a stablecoin-based payment infrastructure and once again strives to integrate blockchain technology into its platform.

The tech giant is in preliminary discussions with several Crypto asset companies to evaluate the feasibility of using stablecoins as a means of managing cross-border payments, the report said.

The discussion involves usage scenarios such as creator income payments on Instagram, where stablecoins can provide an option with lower fees than transfer fees based on fiat currency.

Meta is currently in the “learning to understand” stage and has not selected a specific stablecoin provider, according to an executive at a Crypto asset infrastructure company.

The company declined to comment on the matter.

Previous attempts

Meta's latest move was followed by a high-profile launch in 2019 but failed to successfully launch a stablecoin called "Libra Project" (later renamed Diem). The project aims to build a global payment network powered by a basket of fiat currencies.

However, the project was terminated due to regulatory pressure from U.S. lawmakers and Silvergate Bank acquired Diem's ​​assets.

Ginger Baker, who joined Meta as vice president of product in January this year, is leading the new stablecoin project for Meta. Baker has worked for fintech company Plaid and has relevant experience and currently serves on the board of directors of the Stellar Development Foundation, which oversees the Stellar blockchain.

Meta has launched this move as the United States seeks to fully recognize and regulate stablecoins (think of it as a digital representation of the dollar).

Fidelity Investment recently revealed that it is testing a stablecoin, and payment giant Visa plans to launch a platform to tokenize fiat currencies. Bank of America also hinted that it plans to launch its own stablecoin once the regulatory environment becomes clearer.

Industry participation and personnel changes

Sources said Meta had begun contacting Crypto asset infrastructure companies in 2025, with early discussions focusing on using stablecoins as a tool to reduce international payment costs.

According to three people familiar with the meetings, the focus is on micropayments, especially for content creators and digital freelancers operating in multiple markets.

USDC publisher Circle reportedly negotiated with Meta through Matt Cavin, an executive of gaming blockchain startup Immutable, who joined Circle in March this year.

Meta CEO Mark Zuckerberg admitted to the failure of the Diem project in attending the Stripe meeting earlier this week, saying the project is over.

Zuckerberg added that while Meta often leads in adopting new technologies, it has to re-enter markets that have been out of premature layout or encounter resistance.