Meta Plans to Introduce Stablecoin for Payout Management
Meta (META) plans to introduce a stablecoin for managing payouts, according to sources cited by Fortune. The company has appointed Ginger Baker as vice president of product to support this initiative.
This move follows the failure of Meta's previous blockchain project, initially called Libra and later rebranded as Diem, which collapsed in 2022 due to regulatory pressures.
Current trends show increasing interest in stablecoins, digital tokens pegged to fiat currencies like the U.S. dollar. Companies such as Ripple, Mastercard, and Visa are entering the stablecoin market, with Standard Chartered projecting growth to $2 trillion by the end of 2028.
However, U.S. lawmakers are scrutinizing stablecoins. A recent vote to advance a regulatory bill failed due to concerns over consumer protection and legal provisions.