Meta Re-Enters Stablecoin Market with Third-Party Partnership

Meta's plans to re-enter the stablecoin market have sent shockwaves through the industry. The tech giant has confirmed that it will enable payments across its platforms using third-party rails, rather than issuing its own token.

The move is seen as a major development in the world of cryptocurrencies and stablecoins. With Meta's massive user base, which includes 3.2 billion monthly active users on Facebook and 3 billion on WhatsApp, the potential impact of this partnership could be significant.

Stripe, which has a stablecoin infrastructure and has been expanding its payments capabilities, is likely to be the leading candidate for this partnership. The company's CEO, Patrick Collison, sits on Meta's board, and it has already received a national bank trust charter from the OCC, allowing it to custody crypto and manage stablecoin reserves directly.