Tech giant Meta (META) is looking to introduce a stablecoin to manage payouts, Fortune reported, citing five sources familiar with the matter.
Meta has also hired a vice president of product, Ginger Baker, who has crypto experience to help with its stablecoin efforts, Fortune said.
The company’s foray back into crypto is worth noting, given that its 2019 blockchain project Libra, later renamed Diem, came to a crashing halt in 2022, after intense regulatory scrutiny.
If Meta goes through with this project, it will enter the sector at a time when stablecoins—digital tokens pegged to fiat currencies like the U.S. dollar—are becoming the hottest trend among crypto and TradFi firms.
Companies such as Ripple, Mastercard, Visa, Dutch bank ING and Stripe are all joining the stablecoin industry. In fact, Standard Chartered said the stablecoin market could grow by $2 trillion by the end of 2028.
However, lawmakers in the U.S. are also scrutinizing stablecoins. A vote to open a floor debate on a bill regulating this sector of the crypto industry failed earlier Thursday after lawmakers expressed concerns about some of the bill’s consumer protection and legal provisions, as well as about U.S. President Donald Trump’s own foray into stablecoins through World Liberty Financial’s USD1.
Read more: Senate Votes Against Advancing Stablecoin Bill, Delaying Process as Trump Concerns Fester
UPDATE (May 8, 20:15): Updates to add more details about the stablecoin bill.