While major U.S. payment companies have jumped into the stablecoin market, big tech Meta Platforms (Meta) also participated in the war. According to foreign media such as Pocheon on the 11th, Meta is preparing to develop a service using stablecoins as a means of payment.

Meta is expected to focus first on the payment sector, not the stablecoin payment.

According to Pocheon, Meta sometimes pays creators on Instagram, a representative social network service (SNS). At this time, Meta expected that paying in stablecoins rather than exchanging them into local currency would have a great cost saving effect.

To this end, Meta recruited Ginger Baker, vice chairman, in January. Vice Chairman Baker is expected to lead Meta’s stablecoin-related service. Vice Chairman Baker has had a career in virtual assets. He worked for the Stella Foundation (SDF), which issued the Stellar Lumen (XLM), and is still listed on the board of directors of the SDF.

Meta had a history of conducting a stablecoin business in 2019 and folding it in 2022.

Compared to the Joe Biden administration at the time, the second Donald Trump administration is very optimistic about the easing of related regulations. World Liberty Financial (WLFI), supported by President Donald Trump, has also issued a dollar-based stablecoin called “USD1.”

Meta seems to have begun preparing related services again when deregulation on stablecoins is expected.

Many general companies that did not already have virtual asset-related sectors in the United States have entered the stablecoin market. Most of the places that used to do financial and settlement-related businesses jumped in.

Stripe, a leading U.S. payment company, recently entered the market by introducing stablecoin account services in about 100 countries.

Previously, Stripe has provided services for businesses to receive payments. It plans to platform the service in the future so that companies can easily exchange payments with each other on the network through stablecoins.

Stripe expects this to enable business-to-business payments regardless of country.

In particular, Stripe has about 50 countries, and it is expected to provide payment services in more than 100 countries with stablecoin accounts.

Stripe supports the USDC of the circle and the USDB of the bridge in this service. Bridge is a company that Stripe acquired for $1.1 billion in February and is developing a stablecoin payment system. Prior to this, Mastercard also entered the stablecoin market by launching the “OKX Card” in partnership with the virtual asset exchange OKX.

Mastercard allows customers of virtual asset exchanges to use stablecoins held through the Mastercard payment network. It also provides a service to help transfer stablecoins to bank accounts.

The stablecoin market is expected to grow rapidly for the time being.

Recently, Standard Chartered also predicted that the stablecoin market could grow to $2 trillion by the end of 2028.

As U.S. regulators allow stablecoins to be incorporated into the system, the market is expected to be about 8.7 times larger than the current $230.1 billion.

However, it is pointed out that Korea is still not prepared for the era of stablecoin payments despite this trend.

Kim Ji-yoon, CEO of DSRV, recently said on his Facebook page, “This year is the last time for Korea’s finance,” adding, “[Streep’s example] shows that U.S. dollar-based stablecoins have also permeated the general payment market.”

CEO Kim said, “It should be noted that Japan has begun to lead the current stablecoin industry in Asia as it deplores the absence of Naver and Kakao.”