Meta is discreetly venturing into the cryptocurrency realm nearly three years after shutting down its ill-fated Diem initiative. This time, the focus is on utilizing existing stablecoins to support microtransactions across platforms like Instagram.

According to a report by Fortune, the company is currently in talks with various crypto firms but has yet to finalize any strategies.

Past Endeavors Fell Short, However Fresh Strategies Are Emerging

Meta previously harbored grand ambitions for its Libra project, which was eventually rebranded to Diem. Unfortunately, this initiative met its demise in 2022 as it faced intense scrutiny from US regulatory bodies and lawmakers. The company subsequently offloaded Diem’s assets, temporarily stepping away from the crypto space.

Now, under new management and a more cautious approach, Meta is revisiting the sector. Ginger Baker, who was appointed Vice President of Product in January, is leading initial discussions on how to use stablecoins for transactions with creators and businesses. Her background in financial technology and cryptocurrency is expected to guide the company’s future decisions.

Check out the complete interview with Mark Zuckerberg at @stripe Sessions this week, where he discusses AI’s impact on Meta’s offerings, his leadership views, and stablecoins. pic.twitter.com/7HCds5xmCk

— John Collison (@collision) May 8, 2025

Stablecoins May Facilitate Creator Transactions

A significant idea under evaluation involves leveraging stablecoins like USDC and USDT for processing minor payments to creators and businesses worldwide. For example, Instagram influencers generally receive around $100 per payment—amounts that can be drastically reduced by traditional banking fees during international transfers.

Using stablecoins could make such transactions faster and more cost-effective. Reports suggest that while Meta hasn’t selected a specific stablecoin yet, various options may be utilized depending on geographical region or specific needs. A crypto executive involved in the talks mentioned that Meta is currently in a “learning phase” and is also considering a multi-token strategy.

Major Financial Firms Also Exploring Stablecoins

Meta is not alone in the exploration of stablecoins. Stripe now enables stablecoin-based accounts in over 100 countries. Visa has partnered with Bridge and invested in BVNK, a startup focused on stablecoin solutions. Similarly, Fidelity and Ripple are working on stablecoin innovations.

The stablecoin market has surged past $230 billion, with analysts predicting it could reach $2 trillion by the end of 2028. With such significant growth, it’s understandable why Meta aims to stay at the forefront of this trend.

Featured image from Unsplash, chart from TradingView