<Is Meta's 'Libra' making a comeback?>
Meta is once again showing interest in stablecoins. In 2019, Meta announced its own cryptocurrency project but had to halt the plan due to strong opposition from the U.S. Congress. However, recently, Meta has been in discussions with several crypto infrastructure companies to introduce a payment system using stablecoins and has hired a vice president-level executive to oversee this. The person in charge is Ginger Baker, formerly of Plaid, who is also currently serving as a director at the Stellar Development Foundation.
The core of this move is 'global micro-payments.' For example, Meta's subsidiary Instagram often needs to pay creators around the world approximately $100, and processing this with stablecoins can drastically reduce fees compared to traditional remittance methods. Meta is exploring this with a flexible approach, not tied to any specific stablecoin, but considering various options.
This attempt is not just Meta's move. Stripe acquired the stablecoin infrastructure company Bridge for $1.1 billion, and both Visa and Fidelity are pursuing stablecoin-based services.
Contrary to the anti-crypto stance of the Biden administration, the political environment in the U.S. has changed since Trump's election, bringing new vitality to the stablecoin industry as a whole. Now, big tech companies, including Meta, are preparing to actively participate in this market.
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