After "Dead" Diem Crypto Project, Meta Plans Stablecoin Comeback to Cut Global Payment Costs Across Facebook, Instagram: Strategic Move or FOMO?

Meta's Crypto Comeback: Stablecoin Plans Surface After Three-Year Pause

Meta, the parent company of Facebook, appears to be revisiting its crypto ambitions, this time focusing on the growing stablecoin market.

According to sources familiar with the matter, the company has been quietly engaging with several crypto infrastructure firms in recent months to explore the possibility of using stablecoins for payouts.

Meta’s renewed interest comes after a brief hiatus from the digital currency space, following its controversial departure from the Libra (later Diem) project in 2022.

Meta Explores Stablecoin Payments For Global Reach

Meta’s potential shift towards stablecoins could be aimed at facilitating more efficient, cost-effective payments across its vast network of platforms, which includes Facebook, Instagram, and WhatsApp.

Sources indicate that the tech giant is particularly interested in the ability of stablecoins to offer low-cost, cross-border transactions, which could replace traditional methods like wire transfers.

While discussions remain in the early stages, it’s suggested that Meta may opt for a multi-token approach, integrating popular stablecoins such as Tether’s USDT and Circle’s USD Coin (USDC), rather than committing to a single provider.

An anonymous executive familiar with the talks hinted that Meta might first roll out stablecoin payments through Instagram, potentially targeting small payouts to content creators in multiple regions.

This approach could reduce transaction fees, making it a more attractive option compared to traditional fiat-based methods.

Meta Hires Crypto Expert to Guide Payment Strategy

The appointment of Ginger Baker as VP of Product earlier this year has added further weight to Meta’s crypto ambitions.

Baker, a seasoned fintech and payments executive with a deep background in the crypto sector, is playing a central role in the company’s exploration of stablecoins.

Having previously worked at Plaid and currently serving on the board of the Stellar Development Foundation, Baker’s experience in navigating the complexities of blockchain and crypto projects is seen as vital to Meta’s potential entry into this space.

While the company is still in what’s described as a "learn mode," the involvement of such a prominent figure suggests that Meta is serious about entering the crypto sphere once again.

Baker’s expertise could help the company avoid the missteps that led to the collapse of its previous blockchain project, Libra, which was later rebranded to Diem.

Zuckerberg Acknowledges Diem's Failure, Looks Forward

Meta’s previous foray into cryptocurrency was marked by the ambitious launch of Libra in 2019, a stablecoin project backed by a consortium of companies, including PayPal and Uber.

But the journey was marked by regulatory headwinds that significantly hindered progress.

In @Ask Perplexity’s words on X,

“It faced intense pushback from regulators and politicians in the US and Europe, who were worried that a Facebook-backed digital currency could disrupt the global financial system and undermine government control over money.”

Meta struggled to overcome this hurdle, even after making efforts to restrategise the project, which eventually led to the downfall of the initiative and its complete shutdown.

“Despite efforts to rebrand, scale back its ambitions, and address concerns about privacy and financial crime, the project couldn’t overcome regulatory hurdles, and major corporate backers started dropping out, leading to its official shutdown in early 2022.”

In a recent appearance at Stripe Sessions 2025 conference, Meta CEO Mark Zuckerberg acknowledged the failure of Diem, stating bluntly,

"That thing’s dead."

Zuckerberg admitted,

“It’s certainly more fun when you’re early than when you’re late,"

He reflected on the company’s tendency to be early in tech trends, but added that Meta is adept at "clawing our way back into the game" when necessary.

Stablecoin Market's Growth Fuels Meta’s Reconsideration

Meta’s renewed interest in stablecoins comes as the market for these digital assets has surged, driven by increased institutional adoption and rising demand for cross-border payment solutions.

The stablecoin market now boasts a capitalisation exceeding $231 billion, with major players like Stripe acquiring stablecoin startup Bridge for $1.1 billion and Fidelity preparing to launch its own stablecoin.

Source: rwa.xyz

As these digital assets become more integrated into the global financial system, Meta appears to be reconsidering its strategy, this time with a more cautious and flexible approach—perhaps also driven, in part, by a fear of missing out (FOMO) as competitors move swiftly in the space.

The company’s engagement with crypto infrastructure firms suggests a desire to learn from past experiences and to integrate stablecoins in a way that benefits its global user base without attracting the same level of regulatory scrutiny it faced with Diem.

Meta's Strategy For The Future: A Multi-Currency Approach?

According to sources, Meta's potential stablecoin project could involve the use of multiple stablecoins to meet diverse needs across its platforms, rather than relying on a single token.

This flexibility could help Meta avoid the pitfalls of its earlier Libra initiative, which sought to create a universal digital currency but was derailed by regulatory concerns.

In line with this more cautious approach, Meta’s stablecoin discussions have focused on practical applications, such as facilitating small, low-cost payments to creators.

This marks a significant departure from its earlier vision of launching a universal cryptocurrency, one that could have disrupted the global financial system.

Instead, Meta is exploring how stablecoins can serve as a useful tool for enhancing payments across its various services, starting with Instagram.

With its renewed interest in stablecoins and the appointment of experienced fintech executives, Meta's next move in crypto could change how payments work on social media—whether it's a calculated strategy or simply a response to the growing FOMO on a rapidly evolving market.