Mark Zuckerberg's Meta Revisits Cryptocurrency Plans with a New Stablecoin

President Donald Trump is making bank off of cryptocurrency, and Big Tech wants back in on the action.

"The former president is making bank off of cryptocurrency, and Big Tech wants back in on the action.

Meta is now looking to revisit its cryptocurrency plans as Mark Zuckerberg's company looks to launch a stablecoin to facilitate payouts on its social media platforms, according to a new report from Fortune.

Sources knowledgeable of these preliminary crypto stages said that Meta's new stablecoin plans are being spearheaded by the company's VP of product, Giner Baker, who previously worked in fintech and currently serves on the board of crypto organization Stellar Development Foundation. The report adds that Meta held discussions with crypto infrastructure companies earlier this year.

Meta's crypto-related plans seem to center on a stablecoin used to facilitate payouts to creators on its platforms, like Instagram.

Back in 2019, before the company changed its name to Meta, Facebook announced a sprawling cryptocurrency project that included a new blockchain and crypto wallet for the social media platform. The centerpiece of Facebook's crypto project, however, was the company's plans to create its own stablecoin called Libra.

A stablecoin is a cryptocurrency token that's meant to maintain a stable price. In the crypto space, where the price of crypto tokens and meme coins is, well, unstable, stablecoins are meant to provide holders with a relatively safe place to store their money. (Although even that doesn't always work out.)

The project hit some early roadblocks as President Trump, who was serving his first term in office, shared a scathing critique of cryptocurrency as a whole, specifically mentioning Facebook's Libra. Trump's administration also voiced concerns over the company's ability to manage such a project due to the company's past privacy scandals.

Despite these issues, Libra—later renamed to Stellar—continued on as it began integrating with the Stellar network and striking up partnerships with companies like Visa and Mastercard. By late 2020, as cryptocurrency was set to boom, Facebook announced a rebrand for the project.

The project was later put on hold by early 2022 as parent company Meta was juggling several new projects like its metaverse vision and pivoting away from its e-commerce ambitions. At the time, Meta also said it was shutting down the final remnants of its crypto project after financial regulators in the U.S. expressed concerns over the company's ability to manage such a venture given its past issues with user privacy and data security.

However, things are a bit different for crypto in 2025.

President Trump, now serving his second term, feels very differently about cryptocurrency as Trump launched his own meme coin earlier this year. $TRUMP has already resulted in hundreds of millions of dollars in profits for the president and his crypto companies from fees alone.

One of Trump's crypto companies, World Liberty Financial, has also launched its own memecoin, USD1. An Abu Dhabi investment firm has already announced a $2 billion investment in Trump's stablecoin.

Congress and financial regulators under Trump have also been singing a different tune about crypto too as neither appear likely to take any action regarding these potentially corrupt dealings involving the sitting President of the United States.

The moment is ripe for anyone looking to start a crypto scheme, and it seems like Meta is planning to take advantage of it."