Meta may be eyeing stablecoin payments for Instagram creators

Meta could be looking to re-enter the cryptocurrency space by integrating stablecoin payments across its platforms.

On May 8, five sources familiar with the development told Fortune that the tech giant is in early talks with crypto infrastructure firms to explore stablecoin use cases, potentially for small-scale creator payouts on platforms like Instagram.

Executives involved in the talks suggest that Meta is considering a multi-token strategy and may remain agnostic about which stablecoins it supports. 

Options under consideration reportedly include major players like USDT and USDC, with the primary focus being cost-efficiency and ease of integration across global markets.

Stablecoins could allow Meta to reduce transaction fees and streamline cross-border payments, especially in countries where traditional payout systems are slower or more expensive.

However, sources noted that discussions were at a preliminary stage, and described Meta as being in “learn mode.”

As part of its renewed crypto push, Meta recently hired Ginger Baker as Vice President of Product. Baker, a former Plaid executive and current board member of the Stellar Development Foundation, brings deep fintech and blockchain experience. 

Sources say she is helping shape Meta’s stablecoin initiatives internally and is involved in the company’s outreach to crypto partners.

Meta’s interest in stablecoins comes years after its ill-fated attempt to launch Libra, later renamed Diem. The project sought to create a global digital currency backed by a basket of fiat currencies and supported by a consortium that included major names like Uber and PayPal.

However, it quickly ran into intense political and regulatory resistance, both in the U.S. and abroad. By early 2022, Meta abandoned the initiative entirely and sold off Diem’s assets to crypto-friendly bank Silvergate.

Stablecoins have gained significant traction since then, especially among fintechs and institutional players, especially in the United States. Under the Trump administration, stablecoins have been positioned as a key element of U.S. financial strategy.

As previously reported by crypto.news, Stripe, for example, recently launched stablecoin-based financial accounts in over 100 countries on May 7. 

Last month, payments giant Visa partnered with Bridge and invested in stablecoin startup BVNK, while Fidelity is developing a stablecoin of its own.

But as corporate adoption accelerates, Washington remains divided on how to regulate the booming stablecoin market. 

On May 8, the U.S. Senate voted against advancing the GENIUS Act, a key piece of legislation aimed at establishing a federal regulatory framework for stablecoins. The procedural cloture vote failed 48–49, falling short of the 60 votes needed to begin formal debate. 

Although the bill had previously cleared the Senate Banking Committee with bipartisan support, it ultimately stalled after several Senate Democrats raised last-minute objections. Their concerns focused on the lack of robust protections against illicit financial activity and potential risks associated with stablecoins issued by foreign entities.