Meta exploring stablecoin integration for payouts: Report

Tech company Meta is reportedly exploring integrating stablecoin payments into its platforms after a three-year hiatus from cryptocurrencies, Fortune reported, citing sources familiar with the matter. The Facebook parent held talks with several crypto infrastructure firms in consultation but has not chosen a decisive course of action, according to the report. One source said the company may take a multi-token approach and integrate support for popular stablecoins such as Tether’s USDt (USDT), Circle’s USD Coin (USDC) and others. Meta is the latest tech firm to integrate or explore the use of stablecoins for payments, as they increasingly attract institutional interest and investment, causing the stablecoin market capitalization to soar past $230 billion. Related: US Stablecoin bill blocked as Democrats withdraw support Stablecoins attract more institutional investment and become US strategic interest Several payment processing companies announced investments into stablecoin companies or announced stablecoin integrations in May this year. On May 7, payments giant Visa announced that it invested in stablecoin startup BVNK. Although details of the deal remain scant, Visa’s head of products and partnerships, Rubail Birwadker, said stablecoins were commanding an ever-greater market share of payments. Stripe, a global payments platform, launched stablecoin-based accounts for customers in over 100 countries on May 7. The accounts allow users to store stablecoin balances or transfer the tokens to other users and withdraw the stablecoin balances as fiat currency to traditional bank accounts. World Liberty Financial (WLFI), a crypto firm backed by US President Donald Trump, launched USD1, a US dollar-pegged stablecoin, in March. In May, USD1 was the seventh-largest stablecoin by market cap — highlighting the rapid growth of the tokenized fiat market. The Trump administration has repeatedly stated that stablecoins are central to US policy and a way to extend US dollar hegemony by harnessing demand for US government Treasurys and other government securities. However, comprehensive stablecoin regulations were stalled on May 8 after Democratic Senators blocked the GENIUS Stablecoin bill — dashing the hopes of senior officials in the Trump administration. “The Senate missed an opportunity to provide leadership today by failing to advance the GENIUS Act. This bill represents a once-in-a-generation opportunity to expand dollar dominance,” Treasury Secretary Scott Bessent wrote in a May 8 X post. Magazine: Unstablecoins: Depegging, bank runs and other risks loom Source: https://cointelegraph.com/news/meta-exploring-stablecoin-integration-payouts?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound