Meta Hires Ripple Veteran Ginger Baker for New Stablecoin Product Push
- Meta revives stablecoin plans after Diem shutdown and Silvergate asset sale.
- Regulatory pushback led to Diem’s $182M sale and Silvergate’s collapse in 2023.
- Meta explores USDC, USDt for cross-border payments amid growing institutional adoption.
Meta is exploring stablecoin payments again for its platforms, nearly three years after regulators halted Meta’s Diem digital currency project. The revived discussions come as institutional interest in stablecoins rises and U.S. regulatory conditions shift under the Trump administration.
Launched in 2019 as Libra and later renamed Diem, the project aimed to create a blockchain-based payment network to improve financial inclusion.
Diem’s Ambitious Past, Regulatory Blockade
Backed by Meta, the Diem Association developed a stablecoin with strict controls, including a ban on anonymous transactions. CEO Stuart Levey noted that the team applied compliance measures “novel in the industry” and even received praise from U.S. regulators for the project’s design.
Despite these efforts, Meta encountered ongoing resistance from federal regulators, including the FDIC. The pressure led to the sale of Diem’s intell…
The post Meta Hires Ripple Veteran Ginger Baker for New Stablecoin Product Push appeared first on Coin Edition.
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Meta Hires Ripple Veteran Ginger Baker for New Stablecoin Product Push
- Meta revives stablecoin plans after Diem shutdown and Silvergate asset sale.
- Regulatory pushback led to Diem’s $182M sale and Silvergate’s collapse in 2023.
- Meta explores USDC, USDt for cross-border payments amid growing institutional adoption.
Meta is exploring stablecoin payments again for its platforms, nearly three years after regulators halted Meta’s Diem digital currency project. The revived discussions come as institutional interest in stablecoins rises and U.S. regulatory conditions shift under the Trump administration.
Launched in 2019 as Libra and later renamed Diem, the project aimed to create a blockchain-based payment network to improve financial inclusion.
Diem’s Ambitious Past, Regulatory Blockade
Backed by Meta, the Diem Association developed a stablecoin with strict controls, including a ban on anonymous transactions. CEO Stuart Levey noted that the team applied compliance measures “novel in the industry” and even received praise from U.S. regulators for the project’s design.
Despite these efforts, Meta encountered ongoing resistance from federal regulators, including the FDIC. The pressure led to the sale of Diem’s intell…
The post Meta Hires Ripple Veteran Ginger Baker for New Stablecoin Product Push appeared first on Coin Edition.
Read More
Tether/Circle Stablecoin Supply Growth Signals Strong Liquidity Backing Crypto Rally