Meta is “engaged in negotiations with cryptocurrency companies to introduce stablecoins as a method for managing disbursements,” this news referencing undisclosed sources. Meta opted not to provide a comment to Fortune.
Meta, which operates the Facebook, Instagram, and WhatsApp platforms and is advancing a shared virtual reality it terms the metaverse, is still recovering from its unsuccessful effort to disrupt the global financial framework with its libra-diem cryptocurrency-inspired initiative that was derailed by regulators in 2019.
Since that time, the dollar-pegged stablecoin sector, led by Tether’s $150 billion USDT, has experienced significant expansion boosted by Trump’s endorsement of bitcoin and cryptocurrency, which includes his objective to enact groundbreaking stablecoin legislation that would integrate the cryptocurrencies into the conventional financial system.
The remarkable success of USDT, which yielded Tether profits of $13 billion last year, has prompted a sudden surge of competitors, with technology and Wall Street titans like PayPal and Bank of America either introducing or developing their own dollar-pegged stablecoins.
