Meta is about to redefine the rules of the game with stablecoins, but will it succeed where Diem failed? Will social networks soon awaken to a new digital era?

Have you ever dreamed of a world where your likes on social networks could be transformed into stable digital currency? Well, Meta seems to want to turn this dream into reality. After the tumultuous adventure of Diem, the company is taking on a new challenge with stablecoins. So, are we on the eve of a revolution in the world of social networks or is it simply another digital mirage? Let’s dive together into this fascinating adventure that could reshape the contours of our online life.

Meta renews its ambitions with cryptos

After the noticeable failure of Diem, its cryptocurrency project abandoned in 2022, Meta is not giving up. The social media giant is now targeting the stablecoin market. The goal? Integrating these digital currencies into its flagship applications: Facebook, Instagram, and WhatsApp. So, a simple announcement or a genuine revolution to come?

From Libra to Diem: chaotic beginnings

This is not the first time Meta dives into the world of cryptocurrencies. In 2019, Libra (later renamed Diem) promised a global digital currency. The idea? Facilitate payments and democratize access to the global financial system. But criticism, strict regulations, and the disengagement of actors like Visa and Mastercard buried this ambitious project.

At the time, Mark Zuckerberg encountered much greater resistance than anticipated. Indeed, regulators feared that this currency would escape all control, creating risks for the global economy.

Stablecoins: Meta’s new strategy

Today, Meta is focusing on another approach: stablecoins. Unlike cryptocurrencies like bitcoin, stablecoins are backed by solid assets (such as the dollar or the euro), thus offering valuable stability. This characteristic makes them particularly attractive for digital transactions.

Meta plans to integrate them directly into its platforms to allow its users to make fast and fee-free transactions. Imagine paying for an NFT artwork on Instagram or sending money via WhatsApp!

Partnerships, recruitments, and strengthened ambitions

To successfully carry out this new project, Meta seems to be playing the card of strategic alliances. Discussions are underway with major players in the sector such as Circle or Tether, famous for their popular stablecoins, USDC and USDT. The recent recruitment of Ginger Baker, a recognized crypto expert, also shows that Meta is taking this turn very seriously.

These initiatives are part of a broader trend in the digital market. Giants such as Standard Chartered and Fidelity are also exploring the uses of stablecoins, confirming their potential.

The future of stablecoins on social networks

If Meta manages to overcome the technical and regulatory challenges, the synergy between stablecoins and social networks could be a real game changer. These cryptos would offer:

• Instant payments within connected communities;
• More inclusive access to financial services;
• A new dimension to digital exchanges, especially around NFTs.

But the bet is risky. Regulators, still wary of the Diem adventure, will closely monitor this new attempt. Furthermore, market volatility in the crypto market could play an important role in the adoption (or not) of these stable currencies on such popular platforms.

With this relaunch, Meta hopes to restore its reputation in the crypto field while transforming its social applications into even richer ecosystems. It remains to be seen whether this attempt will bear fruit or if the tumultuous history of Diem will come back to haunt this new chapter.