Instagram may become a testing ground for stablecoins: Meta is planning small payments for creators, targeting Visa and the traditional banking system.

Original source: cryptoslate

Compiled by: Blockchain Knight

According to a report by Fortune magazine on May 8, citing insider sources, Meta is exploring a stablecoin-based payment infrastructure, making another effort to integrate blockchain technology into its platform.

According to reports, this tech giant is in preliminary discussions with several crypto asset companies to assess the feasibility of using stablecoins as a means to manage cross-border payments.

The relevant discussions involve use cases such as creator earnings payments on Instagram, where stablecoins can provide a lower-cost option compared to fiat currency transfer fees.

According to an executive from a crypto asset infrastructure company, Meta is currently in the "learning and understanding" phase and has not yet selected a specific stablecoin provider.

The company declined to comment on the matter.

Previous attempts

Before this latest move by Meta, they had previously launched a high-profile but unsuccessful stablecoin called the "Libra Project" (later renamed Diem) in 2019. The project aimed to establish a global payment network supported by a basket of fiat currencies.

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

According to reports, Ginger Baker, who joined Meta as Vice President of Product in January of this year, is leading Meta's new stablecoin project. Baker previously worked at the fintech company Plaid and has relevant experience, and he currently serves as a board member of the Stellar Development Foundation, which oversees the Stellar blockchain.

As the United States seeks comprehensive recognition and regulation of stablecoins (viewing them as digital representations of the dollar), Meta has launched this initiative.

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

Industry Participation and Personnel Changes

Sources say that Meta began engaging with crypto asset infrastructure companies in 2025, with early discussions focusing on using stablecoins as a tool to reduce the costs of international payments.

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

According to reports, Circle, the issuer of USDC, is in talks with Meta through Matt Cavin, who was an executive at the gaming blockchain startup Immutable and joined Circle in March of this year.

Meta CEO Mark Zuckerberg admitted the failure of the Diem project earlier this week at the Stripe conference, stating that the project has been declared dead.

Zuckerberg added that while Meta is often at the forefront of adopting new technologies, it also has to re-enter markets that it previously exited due to premature positioning or facing resistance.