Meta plans new blockchain-based payment system
The tech giant may offer low-cost digital transfers through blockchain infrastructure.
Meta is assessing the use of stablecoins to facilitate cross-border payments. The company is particularly focused on low-cost transfers for digital content producers on platforms such as Instagram.
The move reflects a renewed interest in integrating blockchain technology following the company’s unsuccessful Diem initiative.
Reportedly in early talks with several cryptocurrency infrastructure providers, the firm has yet to commit to a specific stablecoin issuer.
However, the project is reportedly aimed at enabling low-value international payments for creators and freelancers operating across multiple markets.
Leading the effort is Ginger Baker, Meta’s vice president of product. She previously held senior roles at fintech firm Plaid and currently serves on the board of the Stellar Development Foundation.
The initiative aligns with broader financial sector trends, as companies like Visa, Fidelity, and Bank of America explore the use of stablecoins in regulated digital payment systems.
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