- Meta Platforms Inc. is reportedly planning a revival of its stablecoin efforts in the second half of this year.
- The company has sent out a Request for Product to third-party vendors to facilitate payments in a dollar-pegged token.
- Plans include integrating a vendor’s technology to implement a new payments system and wallet.
- Financial services giant Stripe Inc. is named as a potential candidate for the pilot project.
- Meta shares were down more than 1% in Tuesday’s opening trade amid bearish retail sentiment.
Meta Platforms Inc. is gearing up for a significant comeback in the digital currency arena later this year, according to a new report from people familiar with the company’s plans. The social media giant is reportedly seeking third-party help to launch a U.S. dollar-pegged stablecoin and a new payments infrastructure.
Specifically, Meta has sent out a Request for Product to vendors for this initiative. Consequently, the project aims to integrate a partner’s technology to power the new system.
Stripe Inc. has emerged as a potential candidate to pilot the payments system, according to a CoinDesk report. The report cited sources who indicated the stablecoin efforts are targeted for the second half of the year.
Meanwhile, investor reaction appeared cautious as the news developed. Meta shares traded down more than 1% at Tuesday’s market open.
Retail sentiment on platforms like Stocktwits also trended bearish at the time of writing. This financial movement occurred alongside other corporate developments, including an expanded AI chip partnership with AMD.
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