Remember Meta's Libra Project, later renamed 'Diem?' Well now Meta appears to be moving ahead with a stablecoin that is neither of those.
Remember Meta's Libra Project, later renamed"Diem?" Well now Meta appears to be moving ahead with a stablecoin that is neither of those. The company has issued requests for proposals to third-party providers and aims to launch the feature in the second half of 2026, including a new wallet for handling dollar-pegged tokens on Facebook, Instagram, and WhatsApp.
Remember Meta's Libra Project, later renamed"Diem?" Well now Meta appears to be moving ahead with a stablecoin that is neither of those.. The company has issued requests for proposals to third-party providers and aims to launch the feature in the second half of 2026, including a new wallet for handling dollar-pegged tokens on Facebook, Instagram, and WhatsApp. Stripe looks like the top contender for the initial rollout, following its purchase of stablecoin infrastructure firm Bridge and with its CEO Patrick Collison now on Meta’s board. This effort follows Meta’s infamous attempt at building its own digital currency roughly seven years ago. The company unveiled the Libra project in 2019 before rebranding it Diem., citing fears that it would hand Meta excessive control over a global payment system and potentially weaken the U.S. dollar’s position worldwide. Some also flagged risks of money laundering and illicit finance on the network., Federal Reserve officials applied direct pressure on those involved with Meta’s digital currency initiative. After a June 24, 2021, breakfast meeting between Chair Jerome Powell and Treasury Secretary Janet Yellen, Fed General Counsel Mark Van Der Weide placed calls to Diem CEO Stuart Levey and banking partners including Silvergate. The night before the scheduled June 29 pilot launch of a U.S. dollar version, he delivered the same scripted message: the government could not stop the project but was uncomfortable allowing it to proceed without a full stablecoin regulatory framework, especially given the coin’s potential to scale massively. Diem eventually shut down in January 2022.Meta is taking a different route this time to limit regulatory exposure. Instead of issuing its own token, it will rely entirely on an established third-party stablecoin provider. “They want to do this, but at arm’s length,” a source toldDavid Marcus, who headed the Libra and Diem teams at Meta, reached his own conclusions from the episode. He left to start Lightspark, which builds tools for Bitcoin’s Lightning Network and Spark. Marcus argues that only a truly decentralized base layer sidesteps the oversight that doomed permissioned projects. “We’ve built the unshakeable conviction at this point that the only blockchain and the only underlying assets that can support a truly open protocol for payments on the internet is Bitcoin and nothing else,” That said, from today’s vantage point, Meta’s original push appears to have been ahead of its time. Stablecoins now rank among the most discussed developments in both crypto and traditional finance and stand as the first major blockchain application beyond Bitcoin with genuine everyday use.the mirror image of Bitcoin’s original cypherpunk visionshowed that while raw on-chain volumes look large, actual 2025 payment activity using stablecoins totaled roughly $390 billion, which is about 1% of commonly cited figures and just 0.02 percent of all global payments., signed into law by President Trump on July 18, 2025, established the first federal framework for payment stablecoins. It limits issuance to permitted banks or licensed entities, requires one-to-one backing with U.S. dollars or similarly liquid assets such as short-term Treasuries, and mandates monthly public reserve attestations plus anti-money laundering compliance.make them resemble traditional fintech products more than an independent digital currency that could compete with fiat currencies on a global scale. In other words, the4:00 pmMeta and AMD Team Up to Take on Nvidia in Massive AI Chip DealBitcoin Miner Bitdeer Tells Market Not to Worry After Selling Entire Crypto Stash
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