Media: Meta plans to integrate payments in stablecoins

What’s new? Technology company Meta is exploring integrating payments in stablecoins into its platforms after a three-year hiatus from cryptocurrencies, Fortune reports, citing anonymous sources. Facebook’s parent company has held talks with several crypto infrastructure firms but has yet to decide on a final course of action.

Material by Fortune

What else is known? One source said the company may take a multi-token approach and integrate support for popular stablecoins such as Tether’s USDT and Circle’s USDC.

Stablecoins have increasingly attracted institutional interest and investment, causing the market capitalization to soar above $230 billion. Several payment processing companies announced investments in stablecoin companies or the integration of this asset type in May this year.

On May 7, Visa invested in stablecoin startup BVNK. Visa’s head of products and partnerships Rubail Birwadker said that stablecoins are gaining market share in the payments market.

Stripe, a global payment platform, launched stablecoin-based accounts for customers in more than 100 countries on May 7. The accounts allow users to store balances of stablecoins or transfer tokens to other users and withdraw them as fiat currency to traditional bank accounts.

Stripe has launched accounts for stablecoins in more than 100 countries

The new feature works similarly to a traditional fiat bank account

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Donald Trump-backed protocol World Liberty Financial (WLFI) launched its own USD1 stablecoin pegged to the US dollar in March. In May, USD1 became the seventh stablecoin by market capitalization, underscoring the rapid growth of the tokenized fiat currency market.

The Trump administration has repeatedly argued that stablecoins are central to US politics and are a way to expand dollar hegemony through demand for Treasuries and other government securities.

However, comprehensive regulation of stablecoins was put on hold on May 8 as Democratic senators prevented the GENIUS bill from moving forward. Treasury Secretary Scot Bessent said that by doing so, the Senate missed an opportunity to expand the dollar’s dominance.

Source: X.com