Rumor has it that Meta is making a comeback? Three years later, the stablecoin deployment plan is revisited, and Libra/Diem ambitions are back

After shelving its cryptocurrency ambitions for three years, Meta is returning to the blockchain world, reportedly in talks with multiple crypto companies about stablecoin applications, targeting cross-border payments and creator economy.

Zuckerberg's Past Crypto Dream Rises Again

Remember Meta's (then Facebook) ambitious cryptocurrency project "Libra" from 2019? The plan to implement global digital payments on platforms like Facebook and WhatsApp was ultimately halted due to strong opposition from Congress and regulatory bodies. Now, according to multiple sources, Meta seems prepared to return to the cryptocurrency world, this time focusing on lower-risk stablecoins.

(Meta's Blockchain Project Lead: Diem's Failure is a Political Issue, Revealing Massive Political and Banking Interests)

Meta Reignites Interest, Actively Engaging Crypto Companies

According to an exclusive Fortune report, Meta is currently in talks with multiple crypto infrastructure companies about potential stablecoin applications in payment domains. Five informed sources revealed that these negotiations are in early stages, but Meta seems very interested in stablecoins' characteristics of "low transaction fees and fast cross-border transfers".

A crypto infrastructure company executive suggested that Meta's Instagram might adopt stablecoins as a tool for paying small amounts (like $100) to global creators, thereby saving on traditional currency transfer fees.

Key Personnel Deployment Reigniting Confidence?

Meta's hiring of Ginger Baker as product vice president in January further demonstrates the company's focus on financial technology and crypto payments. According to her LinkedIn profile, Baker has extensive fintech experience, having worked at Plaid and served as a director at Stellar Development Foundation (a crypto organization managing Layer 1 blockchain).

Informed sources revealed that Baker is helping drive Meta's stablecoin exploration project. However, Meta has not publicly responded or arranged an interview with Baker.

Insiders Frequently Active, Stablecoins Are Hot

Meta's moves coincide with a rapidly heating stablecoin market. With Trump's election in November and the Biden administration showing some flexibility in crypto regulation, stablecoins have again attracted market and corporate attention.

Moreover, major payment platform Stripe recently acquired stablecoin startup Bridge for $1.1 billion and announced a collaboration with Visa on stablecoin infrastructure. Fidelity has also announced development of its own stablecoin product, indicating traditional financial institutions are fully embracing blockchain payments.

Old Dream Reignited? Lessons from Libra's Failure

Meta's past crypto ambitions once shocked the entire financial system. The "Libra" project initially gathered heavyweight companies like Uber and PayPal, intending to launch a global stablecoin backed by multiple fiat currencies. Later renamed "Diem", it was ultimately terminated in 2022, with its assets sold to the crypto-friendly Silvergate Bank.

Although the Diem project failed, the Libra team's technology and personnel remained intact. David Marcus, for instance, founded the Bitcoin payment infrastructure company Lightspark, while other former employees developed blockchain projects like Aptos and Sui, using Meta's developed Move programming language.

Zuckerberg Personally Admits "Diem is Dead" but Shifts to an Open Attitude

Meta founder and CEO Mark Zuckerberg candidly acknowledged the Diem project's failure at a Stripe conference this week: "That thing is dead". However, he also added that while Meta often becomes an early adopter of tech trends, they sometimes lag behind market trends, stating: "We're also good at catching up later."

These words seem to reveal Meta's strategic shift in stablecoins, moving from creating a global currency to seeking practical application scenarios like small payments, creator compensation, and cross-border transfers.