By coinnews 
In 2019, Meta announced an audacious project: a new cryptocurrency that could be used across Facebook, WhatsApp, and a host of other digital platforms. The company, though, pulled the plug on its plans in the face of withering opposition from Congress and other lawmakers. Now, Meta is testing the crypto waters again. According to five sources familiar with the matter, the company is in discussions with crypto firms to introduce stablecoins as a means to manage payouts, and has also hired a vice president of product with crypto experience to help shepherd the discussions. All five sources, whose identities are known to Fortune, spoke on the condition of anonymity to talk about private business dealings.
Meta declined to comment.
Stablecoins, a form of nonvolatile cryptocurrency typically pegged to the U.S. dollar, have long been a buzzy product in the blockchain industry, but the Biden administration’s vigorous anti-crypto policies limited their mainstream adoption. Donald Trump’s election last November, however, along with the recent $1.1 billion acquisition of the stablecoin startup Bridge by payment giant Stripe, have spurred their use in the broader financial world, especially as a form of cross-border payments.
In the past month, Visa announced a partnership with the stablecoin infrastructure provider Bridge; the financial firm Fidelity revealed it is developing its own stablecoin; and Stripe unveiled new financial accounts powered by stablecoins.
Meta’s interest in the technology reflects the growing interest in stablecoins among non-crypto companies, especially as congressional lawmakers debate two bills that would regulate stablecoins after years of regulatory uncertainty.
In January, Ginger Baker started at Meta as a VP of product and specializes in fintech and payments, according to her LinkedIn. She previously worked as an executive at fintech company Plaid and still serves on the board of the Stellar Development Foundation, a crypto organization that manages a layer 1 blockchain, according to her profile. She is helping steer Meta’s stablecoin explorations, according to a person familiar with the matter.
Meta declined to make Baker available for comment.
Meta reached out to crypto infrastructure companies earlier this year, according to three people familiar with the matter. The discussions remain at a preliminary stage, but they focus on a key feature offered by stablecoins compared with fiat currency—the ability to pay individuals across different regions without the high fees associated with other forms of payments, such as wire transfers.