Meta is considering the use of stablecoins on the Ethereum blockchain and wants to start using them in 2025. The tech giant expects to attract up to 3.5 billion users from its global ecosystem, which includes Facebook, WhattsApp, Instagram, and Threads. The company plans to use stablecoins to pay rewards to content creators.
In January, Meta rehired Ginger Baker as VP of product, who will apparently lead this area. She has spent most of her career in payments, working at Plaid as chief network officer, and now serves on the board of the Stellar Development Foundation. She has also been a member of the Ripple, Square, and Visa teams.
And this is where a lot of doubts arise. There have already been several projects, that Meta (then Facebook) lost. Among them — a crypto project to launch the Libra stablecoin (later renamed Diem).
For Ethereum traders and holders, this could be the next big thing after Pectra update, which has forgotten the price. The launch of the new stablecoin will increase activity on the network and increase demand for ETH, strengthening Ethereum’s position as a leading platform for smart contracts. It will also strengthen the DeFi tokens associated with this blockchain.
Source: Fortune