President Donald Trump is making bank off of cryptocurrency, and Big Tech wants back in on the action.
Meta is now looking to revisit its cryptocurrency plans as Mark Zuckerberg's company looks to launch a stablecoin to facilitate payouts on its social media platforms, per a new report from Fortune.
According to Fortune, sources knowledgeable of these preliminary crypto stages say that Meta's new stablecoin plans are being spearheaded by the company's VP of product, Giner Baker, who previously worked in fintech and currently serves on the board of crypto organization Stellar Development Foundation. Meta reportedly held discussions with crypto infrastructure companies earlier this year.
Meta's crypto-related plans seem to center on a stablecoin used to facilitate payouts to creators on its platforms, like Instagram.
Meta's stablecoin history
Back in 2019, before the company changed its name to Meta, Facebook announced a sprawling cryptocurrency project that included a new blockchain and crypto wallet for the social media platform. The centerpiece of Facebook's crypto project, however, was the company's plans to create its own stablecoin called Libra.
A stablecoin is a cryptocurrency token that's meant to maintain a stable price. In the crypto space, where the price of crypto tokens and meme coins is, well, unstable, stablecoins are meant to provide holders with a relatively safe place to store their money. (Although even that doesn't always work out.)
Facebook's Libra project hit some early roadblocks. In fact, President Trump, who was serving his first term in office, even shared a scathing critique of cryptocurrency as a whole, specifically mentioning Facebook's Libra. Regardless, Libra continued on. In late 2020, as cryptocurrency was set to boom, Facebook announced a rebrand for the project.
By early 2022, however, the company now known as Meta seemed ready to give up on the Libra project due to regulator scrutiny. Then, crypto came crashing down by mid-2022 as a slew of major cryptocurrency tokens and companies failed. By that summer, Meta shut down the final remnants of its crypto project.
Things are different for crypto now
Fast forward to 2025, and a lot has changed.
President Trump, now serving his second term, feels very differently about cryptocurrency. Trump launched his own meme coin earlier this year. $TRUMP has already resulted in hundreds of millions of dollars in profits for the president and his crypto companies from fees alone.
One of Trump's crypto companies, World Liberty Financial, has also launched its own memecoin, USD1. An Abu Dhabi investment firm has already announced a $2 billion investment in Trump's stablecoin.
Congress and financial regulators under Trump have been singing a different tune about crypto too as neither appear likely to take any action regarding these potentially corrupt dealings involving the sitting President of the United States.
So, the moment is ripe for anyone looking to start a crypto scheme, and Meta is apparently poised to take advantage of it.
