Meta Platforms is reportedly dipping its toes back into cryptocurrency, three years after intense regulatory pressure scuttled its ambitious Diem stablecoin project (formerly Libra).
According to an exclusive report from Fortune, citing multiple anonymous sources, the social media titan is engaged in preliminary discussions with crypto firms about utilizing stablecoins, potentially focusing on streamlining payouts to content creators across its platforms like Instagram. Both Meta and stablecoin issuer Circle declined to comment on these specific discussions for the Fortune report.
This cautious exploration is reportedly being guided internally by Ginger Baker, who joined Meta as VP of Product in January, bringing experience from fintech leader Plaid and the board of the crypto-focused Stellar Development Foundation.
Sources described Meta as being in a “learn mode”, evaluating how stablecoins—digital tokens typically pegged to fiat currencies like the U.S. dollar—could offer lower-fee solutions for cross-border transactions, a contrast to the global financial system envisioned with Libra, later rebranded to “Diem”.
CEO Mark Zuckerberg himself recently acknowledged Diem’s failure at a Stripe conference this Thursday, stating “That thing’s dead.”, but added “There’s plenty of things that [we’re] late to and have to claw our way back into the game, which I think we’re pretty good at that, too.”, hinting at the company’s resilience.
A More Focused Path Than Libra?
Meta’s previous attempt, Libra, announced via its newsroom with fanfare in 2019, aimed to create a global digital currency backed by a basket of assets and governed by the Libra Association, a consortium including giants like PayPal and Uber.
The project faced immediate global regulatory backlash, fueled by concerns over financial stability and Facebook’s existing controversies around data privacy and market power. Assurances from its subsidiary Calibra about data separation did little to quell lawmaker skepticism, leading Meta to eventually sell off Diem’s assets in early 2022.
The current reported discussions suggest a significantly narrower scope, targeting specific business efficiencies like global payouts rather than overhauling global finance. The sources suggest Meta might remain agnostic regarding specific stablecoins, potentially partnering with existing issuers.
Notably, Circle, the company behind the major USDC stablecoin, reportedly hired Matt Cavin from gaming blockchain firm Immutable in March 2025 to lead talks with Meta and other large tech companies, according to Fortune.
Industry Warms to Stablecoins
Meta’s renewed interest occurs amidst a broader warming trend towards stablecoins in the established financial and tech sectors. PayPal, a former Libra Association member, successfully launched its NYDFS-regulated PYUSD stablecoin in August 2023, issued via Paxos Trust Company.
That initiative recently saw a U.S. Securities and Exchange Commission investigation conclude without enforcement action, as disclosed in PayPal’s quarterly report, potentially signaling a clearer path for regulated stablecoins. PayPal CEO Alex Chriss expressed excitement about driving innovative use cases with partners like Coinbase, detailed in a PayPal news release.
Other major players are also advancing. Visa is partnering with infrastructure provider Bridge for stablecoin payments in Latin America, reported by Fortune, financial giant Fidelity is developing its own stablecoin, according to Fortune, and payment processor Stripe, following its $1.1 billion acquisition of Bridge, covered by Fortune Crypto, has unveiled new financial accounts powered by stablecoins.
This growing adoption provides a starkly different backdrop compared to the hostile environment Diem faced.
Regulatory Landscape And Meta’s Potential Return
While the regulatory landscape remains complex—PayPal’s CFO Jamie Miller cited environmental uncertainty for the company’s cautious outlook, telling Bloomberg, “Given uncertainty in the environment and the potential for a wide range of outcomes, we are appropriately cautious.”
The U.S. Congress continues to debate specific stablecoin legislation, suggesting a potential move towards greater clarity, unlike the ambiguity that contributed to Diem’s demise.
The fact that major financial players are navigating this space, exemplified by PayPal’s PYUSD progress, could offer Meta a viable template should it choose to proceed.
Zuckerberg’s recent comments about being “certainly more fun when you’re early than when you’re late” suggest an awareness of timing, and this preliminary exploration indicates Meta might see the current moment, with its evolving regulatory discussions and increasing industry adoption, as a potential opportunity to carefully re-enter the crypto payments sphere.
