Meta Considers Integrating Stablecoins for Payout: Report

According to Fortune, Meta, the parent company of Facebook, Instagram, WhatsApp and others, is considering adopting stablecoins for its payout across different regions without the high transaction fees associated with fiat currencies.

According to the report, Meta is currently negotiating with crypto firms to access the benefits of the innovation before its deployment and has also hired Ginger Baker, a specialist in fintech, payment and crypto, as a vice president (VP) of product to steer Meta’s stablecoin explorations.

“One executive at a crypto infrastructure provider suggested Meta’s subsidiary Instagram could integrate stablecoins to facilitate small payouts in the range of $100 to creators in different markets, which would result in lower fees than if paid by fiat currencies,”

the report stated.

Moreover, this development continues Meta’s previously abandoned stablecoin project, which would be adopted worldwide, not only on the company’s digital platforms.

In 2019, Facebook launched the Libra Association, which was later known as Diem Association. The aim was to create an open-source digital currency called Libra, which would transform the world’s financial system and the way money moves around the world.

However, in 2022, Facebook abandoned the project amidst intense scrutiny from regulators and politicians and sold the company to Silvergate Capital Corporation for $182 million.

More Giant Institutions are Deploying Stablecoins

Meta’s renewed interest in crypto technology affirms the growing interest in stablecoins among crypto and non-crypto companies.

Recently, Tether expanded stablecoin adoption as the company announced the launching of its native coin, USDT, on the Kaia blockchain in partnership with LINE NEXT to expand stablecoin access across Asia.

Kaia blockchain, which powers the Mini Dapp and Dapp Portal ecosystem accessible within LINE Messenger, will enable in-app USDT payments, DeFi features, and task-based rewards within the LINE Messenger ecosystem.

Likewise, MasterCard, a global credit card company, launched global support for end-to-end stablecoin transactions, allowing consumers and businesses to send and receive stablecoins as easily as traditional money.

The company explained that the recent global regulatory clarity on digital assets, particularly stablecoins, motivated it to see stablecoins beyond trading tools, but rather as the expected everlasting solutions that bring efficiency and programmability to payments, disbursements, and remittances.

Additionally, Visa announced in April a partnership with Bridge, a stablecoin infrastructure provider, to allow its customers to pay with stablecoins in six countries, including Mexico and Argentina.

U.S. Senate Fails to Advance GENIUS Act Stablecoin Bill

Despite the growing interest in stablecoins, including giant tech companies, the U.S. Senate failed to pass its first vote on the GENIUS Act stablecoin bill.

Senator Warren and other Democrats decry President Trump’s conflicts of interest with crypto amidst the $TRUMP meme coin holders’ dinner with the President.

Scott Bessent, the U.S. Treasury Secretary, said the Senate missed an opportunity to provide the leadership the digital assets need to thrive globally by failing to advance the GENIUS Act.

He added that their failure on the bill jeopardizes U.S. leadership on digital assets.