By Juliet Umeh
Technology giant Meta Platforms is testing stablecoin payments across its platforms, marking a cautious return to digital currency years after its failed Libra project.
The company, which owns Facebook, Instagram and WhatsApp, is exploring how stablecoins can be used for payments among its nearly three billion users worldwide.
Unlike its earlier attempt to create its own cryptocurrency, Libra- later renamed Diem- Meta is this time opting to work with existing stablecoin providers instead of launching a new token. Libra faced intense regulatory opposition and was eventually shut down in 2019, with the company selling off the project’s assets in 2022.
Sources familiar with the development said Meta has approached payment service providers to help manage the transactions, with Stripe emerging as a likely partner.
By relying on third-party stablecoins, Meta hopes to avoid the regulatory backlash that trailed its earlier digital currency ambitions.
Meanwhile, Google has announced plans to invest $15 billion in a new subsea cable project aimed at strengthening global digital infrastructure.
The initiative, known as the America-India Connect project, will span four continents over five years to establish new digital routes and boost capacity for artificial intelligence and high-bandwidth enterprise applications.
According to Brian Quigley, Vice President of Global Network Infrastructure at Google Cloud, strong and reliable infrastructure is essential to prevent the digital divide from widening into an artificial intelligence divide.
