Meta is quietly negotiating with crypto companies about implementing stablecoin as a payment method, three years after abandoning the Diem project.
Meta is cautiously returning to the cryptocurrency field by approaching multiple crypto companies to discuss the possibility of implementing stablecoin as a payment method. According to anonymous sources, the company has appointed Ginger Baker - a fintech expert who previously held a leadership position at Plaid and is currently a board member of Stellar Development Foundation - as Vice President of Product to lead these negotiations.
This move comes at a time when stablecoin is receiving significant attention from traditional financial institutions. From Stripe's acquisition of Bridge startup for $1.1 billion to Fidelity's announcement of developing its own stablecoin, the potential of this digital asset in cross-border payments is widely recognized.
Cautious Approach After an Expensive Lesson
The current negotiations are described as being in the initial stage, with Meta in "exploration mode". The company is reportedly said to have contacted several crypto infrastructure businesses since early 2025, focusing on the potential of stablecoin to reach global users without incurring high fees like traditional bank transfers.
If decided to implement, Meta may choose to collaborate with multiple stablecoin issuers rather than relying on a single partner like Circle's USDC. This strategy reflects a more cautious approach compared to the company's previous efforts.
In 2019, Meta (then Facebook) launched the Libra blockchain initiative with the ambition of creating a stablecoin backed by a basket of fiat currencies, involving large companies like Uber and PayPal. The project was later renamed Diem but was forced to end in early 2022 due to pressure from regulators in the US and Europe.
Despite the management team's efforts to lobby, rebrand, and narrow their ambitions, the project could not convince the authorities. The departure of David Marcus - who was in charge of the project - and many other key figures was a sign of inevitable failure. Ultimately, Meta sold Diem's assets to Silvergate Bank for around $182-200 million.
Mark Zuckerberg recently publicly acknowledged Diem's failure in a conversation with Stripe co-founder John Collison. "That project is dead," the Meta CEO said. However, he also affirmed: "There are many things we arrive late to and struggle to get back into the game - but I think we do that quite well."
