Tech Giant Meta (Meta) is looking to use stableecoin to manage payouts, reported Fortune, citing five sources familiar with the case.
Meta has also hired a vice president of the product, Ginger Baker, who has crypto experience to help with its stableecoin effort, Fortune said.
The company’s step back to crypto is worth noting, given that its blockchain project -libra in 2019, which was later renamed DIEM, stopped in 2022, after intense regulatory control.
If Meta goes through with this project, it will enter the sector at a time when stableecoins – digital -tokens tied to Fiat currency like the US dollar – will be the hottest trend among crypto and tradition companies.
Companies like Ripple, Mastercard, Visa, Dutch Bank Ing and Stripe all end up stableCOin industry. In fact, Standard Chartered said the stableecoin market could grow by $ 2 trillion by the end of 2028.
However, legislators in the United States are also investigating stableecoins. A vote to open a floor debate on a bill that regulates this sector in the crypto industry failed earlier Thursday, after legislators expressed concern about some of the Bill’s consumer protection and legal provisions, as well as on US President Donald Trump’s own foray to stableecoins through World Liberty Financial’s USD1.
Read more: The Senate votes against promoting stableecoin -bill proposal, delayed process as Trump relates to parties
Update (May 8, 20:15): Updates to add more details about the stableecoin bill.
