Meta Platforms (NASDAQ: META) is reportedly preparing to re-enter the stablecoin market in the second half of the year.

Sources familiar with the matter claim the company has circulated a request for product (RFP) to third-party firms to help administer stablecoin-based payments, according to a report published by CoinDesk on February 24.

The renewed interest in stablecoins follows a failed attempt to launch one with Libra in 2019, which faced significant regulatory resistance amid political scrutiny. Conversely, today’s regulatory environment is more accommodating to domestic issuers, which has sparked a lot of optimism in the community.

The initiative would not only integrate a vendor to manage dollar-pegged token transactions but also launch a new digital wallet to support the system as well. 

What would a Meta stablecoin mean?

A stablecoin integration would allow Meta to build its own payment infrastructure on popular platforms, including Facebook, Instagram, and WhatsApp, which serve more than 3 billion users.

Moreover, a positive outcome would help Meta reduce reliance on traditional banking infrastructure, rediuce transaction costs, and gain more ground in areas such as social commerce.

Most notably, however, the move would also intensify competition with platforms such as X, which is likewise working on internalizing similar payments.

Be that as it may, most of the plans remain private, and CEO Mark Zuckerberg has not issued any official statement. 

For now, Stripe has been mentioned as a potential partner, given the payments giant has longstanding ties with the social media leader, with CEO Patrick Collison even joining its board in April last year.

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