Meta Plans to Use Stablecoins for Paying Creators on Instagram and Other Apps
Meta, the company that owns Facebook and Instagram, is now looking at using stablecoins to make payments on its platforms. They want to find better ways to pay creators, especially for small amounts of money. This is part of a new plan to use digital money that is stable and easy to send across the world.
A report from Fortune says that Meta is still in the early stages of this plan. They are talking to companies that work with cryptocurrency to learn how it could work. Right now, they are just exploring ideas and learning how it could help.
Meta Is Thinking About Different Stablecoins
Meta might support more than one type of stablecoin. They may choose coins like USDT (Tether) or USDC (USD Coin). These are digital currencies that are linked to the value of real money like the U.S. dollar. That makes them less risky than normal cryptocurrencies like Bitcoin.
Using stablecoins can help Meta make fast and cheap payments, especially in places where normal banks and payment systems are slow or expensive.
People working at Meta say that the company is in a “learning mode,” which means they are still doing research and have not made any final decisions yet.
Meta Tried Crypto Before
This is not the first time Meta has tried to use digital money. A few years ago, they started a project called Libra, later renamed Diem. That project was also about creating a new digital currency. But governments and regulators were not happy with it. Because of the pressure, Meta stopped the project in 2022 and sold the idea to Silvergate Bank.
Even though Libra failed, the world of digital money has kept growing. Today, stablecoins are being used more and more by big companies in finance.
Meta Hired a New Crypto Expert
Meta has now hired Ginger Baker to help lead this new plan. She is now the Vice President of Product at Meta. Ginger has a lot of experience in technology and finance. She worked at Plaid and was part of the Stellar Development Foundation, which helps build payment systems using blockchain.
Ginger will help Meta figure out how to use stablecoins and work with crypto companies to build a better system.
Other Big Companies Are Using Stablecoins Too
Meta is not alone. Many big companies are starting to use stablecoins:
Stripe just launched accounts that use stablecoins in 100 countries.
Visa is working with crypto company Bridge and has invested in BVNK, a stablecoin company.
Fidelity, a big financial company, is also making its own stablecoin.
This shows that more businesses are starting to trust and use digital money powered by blockchain.
The U.S. Government Is Still Unsure About Stablecoins
Even though businesses are using stablecoins more, the U.S. government still hasn’t decided how to regulate (control) them. A new law called the GENIUS Act was meant to create rules for stablecoins, but it was rejected by the U.S. Senate. They voted 48 in favor, but 60 votes were needed.
Some Senators were worried about:
Stablecoins being used for illegal activities
Stablecoins made by foreign companies
The lack of strong safety checks
Because of this, there are still no clear rules for how stablecoins can be used in the U.S.
What This Means for Meta and the Future
Even though there are no clear laws yet, Meta’s plan shows that digital payments using stablecoins could become more common. If the plan works, creators on apps like Instagram might soon get paid faster, cheaper, and easier, no matter where they live.
This could be a big change, especially for people in countries where banks are hard to reach or too expensive to use. Meta’s move is part of a bigger trend where blockchain and crypto are helping people and businesses move money in smarter ways.
