Facebook Parent Company Meta Is Reportedly Exploring a Venture into Stablecoins

Citing anonymous sources familiar with the matter, Fortune reports that Meta reached out to crypto infrastructure companies earlier this year to introduce stablecoins

Meta, the parent company of Facebook, is reportedly considering launching its own stablecoin as interest in the asset class continues to swell.

According to Fortune, which cites anonymous sources familiar with the matter, Meta reached out earlier this year to crypto infrastructure companies about introducing stablecoins as a means of managing payouts.

The discussions are still said to be in the early stages and are focused on how to best enable cross-border payments without the hefty fees associated with wire transfers.

An executive at a crypto infrastructure provider suggested that Meta-owned Instagram could use stablecoins to send small payouts of around $100 to content creators in different markets, which will be less costly than paying with fiat currencies.

Zuckerberg’s company is also said to have hired a new executive with crypto experience to help with the discussions.

Stellar Development Foundation board member Ginger Baker joined Meta as VP of Product in January and is now said to be playing a key role in the tech giant’s stablecoin efforts.

Interest in stablecoins is now surging among non-crypto companies amid the U.S. Congress’s efforts to regulate the asset class.

Credit card giant Visa is investing in the stablecoin payments network BVNK to upgrade its business-to-business transactions, while asset management titan Fidelity Investments is in the advanced stages of testing its own dollar-backed stablecoin, according to recent reports from the Financial Times.