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Meta, the parent company of Facebook, Instagram, and WhatsApp, is reportedly attempting to re-enter the crypto payments space.
Online reports showed the tech giant is currently seeking third-party providers to facilitate U.S. dollar-pegged stablecoin payments across its family of apps, with a target launch in the latter half of 2026.
Reports indicate that Meta has sent out a Request for Proposal (RFP) to several potential vendors. The goal is to integrate a third-party service that can administer stablecoin-backed payments and potentially implement a new digital wallet infrastructure within Meta’s ecosystem.
Top Contender: Stripe
Among the reported candidates is Stripe, the multinational financial infrastructure platform.
This is not Meta’s first attempt to integrate blockchain technology. The company has a long and turbulent history with web3, marked by high-profile announcements and subsequent shutdowns.
1. The Libra / Diem Saga (2019–2022)
In 2019, Facebook introduced Libra, envisioning a universal cryptocurrency backed by a consortium of global companies.
- The Pivot: Facing immense regulatory backlash, it was rebranded to the Diem Payment Network in an attempt to launch a U.S. dollar-pegged stablecoin.
- The End: Diem never launched. In 2022, the project’s assets were sold to Silvergate Capital Corporation following congressional hearings, regulatory pressure, and the departure of key executives like David Marcus.
Worth Reading: Facebook’s DIEM Formerly Known as Libra Shuts Down Without Ever Launching
2. Novi and the Philippine License (2021–2022)
Alongside Diem, Meta developed a digital wallet called Novi, designed for international remittances using the Pax Dollar (USDP).
- The Local Angle: A local entity, Novi Philippines Inc., was established and even secured a Virtual Asset Service Provider (VASP) license from the Bangko Sentral ng Pilipinas (BSP) in 2021.
- The Shutdown: Despite securing the license, Novi Philippines never fully operationalized. Less than a year later, the wallet was shut down, and the company surrendered its license to the BSP.
Worth Reading: Facebook to Launch Meta Pay, a Metaverse Wallet
3. NFTs on Instagram and Facebook (2022–2023)
In 2022, Meta rolled out support for Non-Fungible Tokens (NFTs), allowing users to showcase their digital collectibles on Facebook and Instagram.
- The Outcome: The feature lasted less than a year. Meta wound down its NFT support to focus on “other ways to support creators,” coinciding with significant financial losses in its Reality Labs (metaverse) division.
Worth Reading: END OF AN ERA: Meta Ends Support for NFTs on Facebook, Instagram
This article is published on BitPinas: Report: Meta Eyes Stablecoin Payments for Late 2026
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