Meta, owned by Mark Zuckerberg, is reportedly preparing to re-enter the digital payments space through stablecoin integration, according to a new report.
According to CoinDesk, citing anonymous sources, Meta is “aiming to join the stablecoin space by the end of this year” and has contacted third parties to support the deployment of stablecoin-based payments.
This move indicates Meta’s renewed interest in digital payments and stablecoins. The company, which owns social media and messaging platforms with billions of users worldwide such as Facebook, Instagram, and WhatsApp, previously established a stablecoin development division called Libra. The project was later renamed Diem in 2020 before being canceled due to increasing regulatory scrutiny on crypto projects.
The report states that Meta plans to integrate a service provider to manage payments backed by stablecoins and to launch a new wallet. The company has also issued a request for proposals (RFP) to third-party providers, including Stripe.
Earlier, in May last year, Fortune reported that Meta was considering integrating stablecoins to reduce payment costs, such as paying content creators on Instagram.
In response to this information, Meta spokesperson Andy Stone said: “Nothing has changed; Meta currently does not have a stablecoin. The goal is to enable individuals and businesses to make payments on our platforms using their preferred methods.”
Meta scales back metaverse ambitions
Although Meta’s metaverse strategy is not blockchain-based, the company was once considered part of the broader Web3 wave — a trend toward immersive virtual worlds where users can trade digital assets.
At the end of last year, Meta was reportedly considering significant cuts to its metaverse ambitions, potentially reducing up to 30% of Reality Labs’ staff — the division responsible for virtual reality headsets and long-term immersive technology initiatives. Since 2021, this unit has recorded cumulative losses exceeding $70 billion.
Meta’s difficulty in attracting users to the Horizon Worlds virtual platform reflects similar challenges faced by blockchain-based metaverse projects. Tokens from highly anticipated projects like The Sandbox and Decentraland have plummeted as interest waned.
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