Meta Resurges in Stablecoin Market After Abandoning Diem Project

Meta Platforms is reportedly exploring the potential of stablecoins once again, nearly three years after abandoning its Diem cryptocurrency project. The company’s re-entry into the stablecoin market comes amid a growing industry trend and as Meta navigates renewed interest in blockchain technology. 2020 saw the demise of Meta’s Diem initiative due to heavy regulatory pressure from U.S. lawmakers. However, with the recent surge of stablecoin adoption and favorable regulatory conditions, Meta is now considering a return to the space. The company has engaged a vice president experienced in crypto for these discussions.