Meta Is Looking to Enter Red-Hot Stablecoin Market: Fortune

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By Aoyon Ashraf | Edited by Nikhilesh De Updated May 8, 2025, 8:16 p.m. Published May 8, 2025, 7:58 p.m. What to know : Meta is planning to introduce a stablecoin for managing payouts, according to sources cited by Fortune. The company has hired Ginger Baker, with crypto experience, as vice president of product to aid its stablecoin efforts. Meta's new crypto venture follows the collapse of its previous blockchain project, Diem, amid regulatory challenges. Tech giant Meta (META) is looking to introduce a stablecoin to manage payouts, Fortune reported , citing five sources familiar with the matter. Meta has also hired a vice president of product, Ginger Baker, who has crypto experience to help with its stablecoin efforts, Fortune said. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto for Advisors Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . The company's foray back into crypto is worth noting, given that its 2019 blockchain project Libra, later renamed Diem, came to a crashing halt in 2022 , after intense regulatory scrutiny. If Meta goes through with this project, it will enter the sector at a time when stablecoins—digital tokens pegged to fiat currencies like the U.S. dollar—are becoming the hottest trend among crypto and TradFi firms. Companies such as Ripple, Mastercard, Visa, Dutch bank ING and Stripe are all joining the stablecoin industry. In fact, Standard Chartered said the stablecoin market could grow by $2 trillion by the end of 2028. However, lawmakers in the U.S. are also scrutinizing stablecoins. A vote to open a floor debate on a bill regulating this sector of the crypto industry failed earlier Thursday after lawmakers expressed concerns about some of the bill's consumer protection and legal provisions, as well as about U.S. President Donald Trump's own foray into stablecoins through World Liberty Financial's USD1. Read more: Senate Votes Against Advancing Stablecoin Bill, Delaying Process as Trump Concerns Fester UPDATE (May 8, 20:15): Updates to add more details about the stablecoin bill. FastNews Meta Stablecoin Aoyon Ashraf Aoyon Ashraf is CoinDesk's Head of Americas. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ADA, SOL, ATOM and some other altcoins that are below CoinDesk's disclosure threshold of $1,000. 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