- Bitcoin surged past $100,000 following speculation around a major announcement by former president Donald Trump and developments at Meta.
- Meta, led by Mark Zuckerberg, is considering adding cryptocurrency support for over 3 billion global users, according to a report by Fortune.
- The market for dollar-backed stablecoins has expanded rapidly, with new technology and financial firms joining established players.
The price of bitcoin climbed sharply in May, surpassing $100,000 per bitcoin, as rumors swirled about a potential “earth-shattering” announcement from former U.S. president Donald Trump and new reports emerged about crypto adoption by Meta. The sudden jump in value marked a 30% increase from April lows and sparked renewed interest from investors and analysts.
According to Fortune, Meta is in talks with cryptocurrency companies to potentially introduce stablecoins—a kind of digital asset tied to the value of the U.S. dollar—to help manage payments across its platforms, which include Facebook, Instagram, and WhatsApp. Leaks suggest this move could provide crypto access to the company’s 3 billion global users.
Earlier attempts by Meta to launch its own stablecoin, known as libra-diem, were abandoned in 2019 after regulatory challenges. Since then, the overall stablecoin market—led by Tether’s USDT, valued at about $150 billion—has gained significant traction. Adoption has been helped by bipartisan efforts in the U.S., including the recent support for landmark stablecoin legislation advocated by Donald Trump’s advisors.
In a statement quoted by Fortune, Mark Zuckerberg acknowledged that Meta has often had to “claw [its] way back into the game” after arriving late to technology trends. Industry voices highlighted the potential impact of integrating stablecoins on Meta’s large platforms. Arnoud Star Busmann, CEO of Quantoz Payments, commented in an email, “Just the sheer scale potential of the Meta ecosystem underlines the acceleration of adoption of stablecoins as superior payment rails.”
The massive growth of the stablecoin market has also led to increased competition, with financial and technology companies such as Paypal and Bank of America developing their own stablecoin products. Last month, Standard Chartered Bank reported that the stablecoin market could reach $2 trillion by the end of 2028, up from $230 billion today, particularly if favorable U.S. legislation proceeds.
Following these developments, Meta CEO Zuckerberg appeared at a Stripe conference, where Stripe announced plans to expand its use of stablecoins through technology acquired from Bridge. Stablecoins have also become standard in the gaming and virtual reality sectors, which experts say could simplify the digital economy for users worldwide.
USDT, the largest stablecoin, earned Tether a reported $13 billion in profits last year, according to the article, underscoring the lucrative nature of this sector. Newcomers and established financial institutions alike are vying for a share as digital payment methods continue to attract mainstream attention.
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