Key dishes to remember
- Meta is in preliminary talks with cryptographic companies to integrate stabbed for cross -border payments.
- The US Stablescoin market has doubled in the past year, reaching a market capitalization of 245 billion dollars, with USDT and USDC leading.
Share this article
Meta explores the integration of stablescoin in its platforms for world payments, according to a report of Forbes, citing five people familiar with the issue.
The technology giant organizes discussions at an early stage with Crypto infrastructure companies, marking its return to digital assets after abandoning the DIEM project in January 2022 due to regulatory challenges.
Meta originally launched the Diem initiative, initially called Balance, in June 2019 as a global stable supported by a consortium of large companies.
The company recently appointed Ginger Baker, a fiscal veteran and former Plaid executive who sits on the Stellar Development Foundation council, as vice-president of the product. Baker is the spearhead of renewed Meta Stablecoin initiatives.
Discussions focus on the use of stablecoins for cross -border payments as a more profitable alternative to traditional wire transfers.
A framework for an cryptographic infrastructure provider said that Instagram, the Meta subsidiary, could use stablescoins to pay creators on different markets, reducing costs for transactions as small as $ 100.
The Stablescoin market has increased considerably, with total market capitalization doubling at $ 245 billion in the past year, according to Defillama Data.
TETHER (USDT) leads with around 150 billion dollars in market capitalization, while USD Coin (USDC) increased from $ 33 billion to around 60 billion dollars during this period, according to Coingecko.
The moment of Meta’s renewed interest is aligned with the evolution of American regulatory developments.
A key proposal, the Genius Act, a bill to create a legal framework for Stablescoins, did not progress in the Senate earlier in the day. However, Senator John Thune plans to file a motion next week to reconsider the bill, reporting a continuous dynamic for the regulation of Stablescoin.
Share this article
