Meta Platforms (Meta) also participated in the war to capture the stablecoin market

While major U.S. payment companies have jumped to capture the stablecoin market, big tech Meta Platforms (Meta) also participated in the war.

Major U.S. payment companies have been quickly deploying their services to capture the stablecoin market.

Among them, tech giant Meta Platforms (Meta) is also preparing to launch a service using stablecoins as a means of payment, according to foreign media reports on Monday.

Meta is reportedly planning to focus first on the payment sector, not the stablecoin.

According to Fortune, Meta is currently paying creators on Instagram, one of its main social networking services (SNS), in various currencies. However, Meta is expected to be able to save a great deal on these payments if it pays them in stablecoins, which are pegged to the U.S. dollar, rather than exchanging them into local currency.

To spearhead this initiative, Meta recruited Ginger Baker, a vice chairman, in January.

Vice Chairman Baker is known for his expertise in virtual assets. He previously worked for the Stellar Foundation (SDF), the issuer of Stellar Lumen (XLM), and remains a member of the foundation’s board of directors.

Meta had previously started developing a stablecoin business in 2019 but reportedly shelved the plans in 2022.

At the time, the Joe Biden administration was planning to impose strict regulations on private stablecoins. In contrast, the Donald Trump administration showed a positive stance towards such regulations, and World Liberty Financial (WLFI), a company backed by President Trump, issued a dollar-based stablecoin called "USD1."

Meta appears to be preparing to introduce related services again as deregulation of stablecoins is anticipated.

Meanwhile, several major U.S. companies without prior experience in virtual asset businesses have been venturing into the stablecoin market. Most companies involved in financial and payment-related businesses are making this move.

Recently, Stripe, a leading U.S. payment company, announced plans to introduce stablecoin account services in about 100 countries.

Previously, Stripe had been offering a service that allows businesses to receive payments in cryptocurrencies. Now, they plan to expand this service by enabling companies to easily exchange payments with each other on a network using stablecoins.

Stripe aims to facilitate seamless business-to-business payments across countries.

In particular, Stripe's service will cover about 50 countries where it operates, and more than 100 countries where it provides balance and bank transfer services.

For this service, Stripe will be supporting Circle's USDC and Bridge's USDB. Bridge is a company that Stripe acquired for $1.1 billion in February, and they are developing a stablecoin payment system.

Earlier, Mastercard also announced its entry into the stablecoin market with the launch of the "OKX Card" in partnership with the coin exchange, OKX.

Mastercard will allow exchange customers to use the stablecoins they hold through Mastercard's payment network and provides a service to help transfer stablecoins to bank accounts.

The stablecoin market is expected to grow rapidly in the near future.

Recently, Standard Chartered (SC) Bank predicted that the stablecoin market could reach $2 trillion by the end of 2028.

As U.S. regulators are permitting the integration of stablecoins into the system, it is anticipated to become about 8.7 times larger than the current $230 billion.

However, despite this trend, Korea seems to be still unprepared for the era of stablecoin payment, according to reports.

Recently, Kim Ji-yoon, CEO of DSRV, shared his thoughts on his Facebook page.

"This year will be the last stand for Korean finance. It's heating up. (+_+) Like Stripe, major U.S. companies are rapidly deploying their services to capture the stablecoin market. Among them, tech giant Meta Platforms (Meta) is preparing to launch a service using stablecoins as a means of payment," he said.

According to a report by Fortune on Monday, 11th, Meta is expected to focus first on the payment sector, not the stablecoin.

According to Fortune, Meta is currently paying creators on Instagram, one of its main social networking services (SNS), in various currencies. But the report said that Meta would be able to save a great deal if it pays them in stablecoins.

To spearhead this initiative, Meta recruited Ginger Baker, a vice chairman, in January.

Vice Chairman Baker is known for his expertise in virtual assets. He previously worked for the Stellar Foundation (SDF), the issuer of Stellar Lumen (XLM), and is still on the foundation’s board of directors.

Meta had previously started developing a stablecoin business in 2019, but the plans were shelved in 2022.

At the time, the Joe Biden administration was planning to impose strict regulations on private stablecoins. In contrast, the Donald Trump administration showed a positive stance towards such regulations, and World Liberty Financial (WLFI), a company backed by President Trump, issued a dollar