Meta’s Big, Splashy Return: Are They About to Make Stablecoins Sexy?

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What to know:

  • Meta has its sights set (again) on launching a stablecoin, like Dot-Com-Boom déjà vu. Sources say Fortune knows all.
  • They’ve roped in Ginger Baker, who sounds alarmingly competent at crypto, as VP of products. Yes, that’s an actual job title. 🥁
  • If you recall their last project, Diem (née Libra), that one face-planted heroically. But true to form, Meta’s back for another round.

Apparently, tech overlord Meta (remember when they just had your aunt’s cat photos and now want your digital wallet?) is dusting off its blockchain ambitions and eyeing a stablecoin for payouts. Fortune, which seems to have ears everywhere, dropped the scoop via one of those breathless “sources close to the matter” deals.

Also: enter Ginger Baker—the kind of name you’d expect from a glam-rock drummer, but here she is, parachuted in as Meta’s VP of product, presumably to keep Zuck’s crypto rollercoaster on the tracks and prevent further blockchain faceplants.

Those still haunted by the ghost of Libra/Diem (Meta’s 2019 crypto adventure which ended, predictably, with government people clutching pearls and muttering ominously about “regulatory scrutiny”) might feel a little, well, PTSD about this. But this time, Meta swears it’ll be “different.” (Sound familiar? Me too.) 🙃

Meanwhile, all the cool fintech and TradFi kids—Ripple, Mastercard, Visa, ING, even Stripe—are piling into the stablecoin scene. Standard Chartered is waving around breathless projections: “By 2028 this could be a $2 trillion market!” Insert “shut up and take my money” meme here.

But in classic Capitol Hill style, U.S. lawmakers have taken a break from yelling at TikTok long enough to clutch even more pearls over stablecoins. There was a whole floor debate on a bill to regulate the sector, which fizzled out because political drama is more addictive than crypto volatility. Oh, and in an absolutely predictable plot twist, Donald Trump is sticking his fingers into stablecoins, too, with something called World Liberty Financial’s USD1. Can’t decide if this is hilarious or terrifying. 🤷‍♀️

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2025-05-09 00:21