Negotiations with Meta (META.US) and cryptocurrency companies regarding stablecoin payments.

According to reports, Meta Platforms (META.US) is in talks with several cryptocurrency companies to introduce stablecoins to manage expenses, and has hired a product vice president with cryptocurrency experience to assist with the discussions. In January of this year, Meta hired Ginger Baker, who specializes in financial technology and payment areas, as product vice president. A source revealed that Baker is assisting Meta in exploring stablecoin business. Three other sources stated that this social media and tech giant had contacted cryptocurrency infrastructure companies earlier this year. The report mentioned that the discussions are still in the early stages, focusing on a key feature of stablecoins relative to fiat currencies - the ability to make payments to individuals in different regions without incurring high fees like other payment methods such as wire transfers. The report also mentioned that an executive from a cryptocurrency infrastructure provider suggested that Instagram could integrate stablecoins to pay small amounts around $100 to creators in different markets, which would be cheaper than using fiat currency for payments. Two other cryptocurrency executives stated that they have had early discussions with Meta, focusing on payment use cases.