Meta Exploring Stablecoin Partnership For Crypto Payments On Facebook, Instagram And WhatsApp

Meta Platforms, the parent company of Facebook, Instagram and WhatsApp, is exploring options to use Stablecoins as part of its payment solutions strategy across its multiple platforms.

The tech giant is in early talks with crypto infrastructure providers to integrate Stablecoins as a payment option, particularly to compensate content creators across its platforms, according to Fortune. Apparently, Meta is also planning to collaborate with well-known Stablecoins, such as USDC and USDT in this regard, unlike the previous time, when it attempted at introducing a proprietary token.

Meta’s Stablecoin initiative is being lead by Ginger Baker, vice president of product at Meta. Incidentally, Meta had shut down its Libra project in 2019 owing to legal issues.

A Shift in Strategy Amid Growing Industry Momentum

According to report by Fortune, the renewed interest by Meta for digital currencies implies a likely shift in its strategy on account of the changing regulatory landscape and increasing acceptance of Stablecoins. Companies, including Visa, Stripe and Fidelity have lately entered the market, indicating a wider acceptance of Stablecoins.

Meta’s ongoing efforts to explore Stablecoins also aligns with this broader industry trend, as both tech and finance companies are increasingly looking to these digital currencies for improving cross-border payments and unlocking new financial opportunities.

Bitcoin Prices Surge

At the time of writing, Bitcoin is trading at $102,457.07, with a market cap of over $2 trillion, according to Coinmarketcap. Its 24-hour trading volume is a staggering $63.58 billion, reflecting a significant surge in market activity and renewed optimism within the cryptocurrency space. The recent increase in the price of Bitcoin is boosting general optimism and suggests that the cryptocurrency sector may see more expansion in the future.