Meta Restarts Encryption Project: Exploring Stablecoin Payment Solutions to Facilitate Cross-Border Transfers and Creator Economy

According to a report by Fortune magazine on May 8, Meta is exploring a payment infrastructure based on stablecoins, planning to reintegrate blockchain technology into its platform to use stablecoins for cross-border payments and to pay creators through Instagram, providing a more economical solution than traditional fiat currency transfers.

Currently, Meta is in preliminary discussions with several cryptocurrency companies regarding the application of stablecoins in cross-border payments, but no specific partners have been confirmed, and it is still in a "learning mode." The company is keeping a low profile on this matter and has declined to comment.

In fact, Meta launched the "Libra Project" (later renamed Diem) as early as 2019, intending to establish a global payment network supported by multiple fiat currencies. However, it was shelved due to regulatory pressure from U.S. lawmakers, and the related assets were eventually acquired by SilverGate.io Bank.

However, Meta has not given up. In January of this year, Ginger Baker, who has extensive experience in the fintech field, joined Meta as Vice President of Product to lead the new stablecoin project. Baker previously served as a board member of the Stellar Development Foundation, overseeing the foundation's Stellar blockchain project.

As the United States intends to regulate stablecoins and use them as a representation of the digital dollar, stablecoins have once again become the focus. Fidelity has revealed that it is currently testing stablecoins, payment giant Visa is also considering launching a fiat currency tokenization platform, and Bank of America has hinted that it will launch its own stablecoin once regulations are clarified.

According to reports, Meta has started engaging with encryption infrastructure companies since 2025, exploring the use of stablecoins to reduce international payment costs, with a particular focus on small payments aimed at cross-market content creators and digital freelancers.

At the same time, USDC issuer Circle's Matt Cavin is negotiating a partnership with Meta; Cavin previously held an executive position at the gaming blockchain startup Immutable.

Earlier this week, Meta CEO Mark Zuckerberg admitted the failure of the Diem project, but also stated that Meta would continue to attempt to enter markets it has prematurely ventured into or faced resistance.

Do you think Meta's exploration of stablecoin payments will be successful this time? Leave a comment in the discussion!

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