Meta is looking to re-enter the cryptocurrency space by focusing on stablecoins, three years following the downfall of its Diem project.

Meta Platforms is reigniting its cryptocurrency initiative by exploring a possible stablecoin payment system. However, the regulatory ambiguity surrounding stablecoins could present significant challenges to Meta’s goals. The global corporation that operates Facebook is re-entering the digital asset sector three years after it abandoned its cryptocurrency initiative, Diem. Reports indicate that the current emphasis is on utilizing stablecoins to facilitate more affordable and efficient cross-border payments for digital content creators. Meta aims to capitalize on cross-border payment solutions and reduced transaction fees. According to Fortune, Meta has begun discussions with multiple digital asset companies to investigate the potential use of stablecoins for making cross-border payments to creators. This action is distinct from its previous effort with Libra, which was subsequently renamed Diem, that sought to introduce its own digital currency. The Diem project concluded in 2022 as a result of pressure from regulators both in the U.S. and internationally. This time, Meta is adopting a more careful approach. Rather than creating a new digital currency, it might collaborate with firms that already possess authorized stablecoins in use. The primary motivation for this decision is to reduce the expensive fees associated with international transactions.