Harkening back to the late 2010s, Meta Platforms (NASDAQ: META) is reportedly exploring the use of cryptocurrencies in its business, specifically stablecoins. Meta had its first foray into stablecoins in June 2019 with Libra. Ultimately, due to regulatory issues and reputational risk, Libra was unsuccessful. This came despite the Libra Association having payment behemoths like Mastercard (NYSE: MA) and Visa (NYSE: V) among its founding members.
[content-module:CompanyOverview|NASDAQ:META]The Libra Association was set up to govern Libra independently of Meta. However, by October 2019, both Mastercard and Visa had left the association. Meta attempted to rebrand Libra as "Diem." This also failed as the Federal Reserve was a “key opponent to Diem launching.” Meta ultimately ended the project in early 2022.
