Source: Meta Pree Releases
Meta’s stablecoin history
Back in 2019, Meta developed Libra, a fiat-backed stablecoin with the same objective of providing a social payments system. In 2020, the coin was rebranded to Diem in an effort to gain regulatory approval, but concerns over data privacy and financial stability still prevailed.
In 2022, Meta abandoned the project, selling its intellectual property rights to Silvergate Bank for $182 million. In the same year, Meta shut down its digital wallet Novi, which underperformed due to its link to the Diem stablecoin. News of the new stablecoin comes amid the drafting of regulatory frameworks for the same, under President Donald Trump’s GENIUS Act. Still, Meta prefers to test the waters once more through an external provider, with one of the sources saying:
They want to do this, but at arm’s length.
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