Meta Revives Stablecoin Plans with Stripe in the Spotlight

Meta Platforms Inc., the parent company of Facebook, is reportedly reviving its stablecoin efforts later this year. The move could see Stripe, a long-time partner of Meta, play a key role in the pilot program.

A recent report from CoinDesk revealed that Meta has sent out a Request for Product (RFP) to third-party vendors to help facilitate payments in a token pegged to the U.S. dollar. This technology will be integrated with a vendor to implement the payments system and a new wallet.

Meta's previous attempt at launching its own stablecoin, Diem, was met with significant backlash from regulators around the world. However, this time around, the company may have found a suitable partner in Stripe, which has already made strides in making it easier for businesses to accept stablecoin payments through its acquisition of Bridge last year.

Stripe CEO Patrick Collison is also a member of Meta's board of directors, further solidifying the partnership between the two companies.