Facebook parent company Meta is reportedly eyeing a venture into stablecoins amid growing interest and demand for the digital asset class.
Citing anonymous sources familiar with the matter, Fortune reports that Meta reached out to crypto infrastructure companies earlier this year to introduce stablecoins as a means of managing payouts.
The discussions are reportedly still at a preliminary stage and are focused on enabling cross-border payments without the high fees associated with wire transfers.
An executive at a crypto infrastructure provider suggested that Meta-owned Instagram could use stablecoins to send small payouts in the range of $100 to content creators in different markets, which will be less costly than paying with fiat currencies.
Zuckerberg’s company also reportedly hired a new executive with crypto experience to help with the discussions.
Stellar Development Foundation board member Ginger Baker joined Meta as VP of Product in January and is now said to be playing a crucial role in the tech giant’s stablecoin efforts.
Interest in stablecoins is now surging among non-crypto companies amid legislative efforts to regulate stablecoins in the US. Credit card giant Visa is investing in the stablecoin payments network BVNK to upgrade its business-to-business transactions.
Asset management titan Fidelity Investments is also in the advanced stages of testing its own dollar-backed stablecoin, according to recent reports from the Financial Times.
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