Meta Platforms Inc is exploring ways to integrate stablecoin payments into its apps, embracing a fast-growing form of digital currency increasingly used in online commerce.
The company is testing the digital payments within its existing payments platform. The small and focused trial will use existing stablecoins, according to a person familiar with the plans, who declined to be named discussing unreleased products. The person declined to say which stablecoins Meta is using in its tests.
Meta has no plans to develop its own stablecoin, said Meta spokesman Andy Stone in a post on X. “This is about enabling people and businesses to make payments on our platforms using their preferred method.”
A different Meta spokesperson declined to comment, and referred to Stone’s post. Coindesk reported earlier on some of Meta’s stablecoin efforts.
Meta spent years developing its own stablecoin, initially called Libra, before abandoning the effort in 2022 after opposition from regulators and lawmakers. Critics cited the company’s privacy missteps and said they were concerned that a tech company issuing its own money could challenge central bank money.
Stablecoins are digital assets designed to maintain a constant value, typically pegged one-to-one to US dollars and backed by reserves of cash and short-term treasuries. The circulating supply of stablecoins surpassed $300 billion last year, buoyed by support from President Donald Trump’s second administration.
In July, Trump signed the first federal framework for stablecoin issuers, unleashing a wave of announcements from companies ranging from banks to retailers.
Technology firms have been helping companies launch their own branded coins, in a bid to capitalise on the popularity of stablecoins. Anchorage Digital Bank recently partnered with the largest stablecoin issuer, Tether, to launch a US-based version of its coin called USAT. Paxos, meanwhile, issues PayPal Holdings Inc’s PYUSD stablecoin. Many of these stablecoin-issuing firms are applying for national trust banking charters to enhance their capabilities. – Bloomberg