Meta returns to Web3! After the termination of Libra, is the stablecoin market its breakthrough battle? In recent years, the stablecoin market has evolved from a peripheral tool in the crypto space to a core component of global financial infrastructure. As of February 2025, the stablecoin supply has reached $214 billion, with annual transaction volumes as high as $35 trillion—double Visa's annual transaction volume [1], marking an increase from $200 billion in December 2024. Tether (USDT) leads the market with a valuation exceeding $143 billion, followed by USD Coin (USDC) at $58 billion. Together, they account for approximately 86% of the market share [2]. Other stablecoins like Pax Dollar (USDP) and PayPal's PYUSD also hold a significant position in the market. Stablecoins, with their value pegged to fiat currencies (e.g., USD) and low volatility, have become ideal foundational tools for decentralized finance (DeFi). The rapid growth of this market is driven by multiple factors. Growth drivers include widespread adoption of stablecoins by fintech companies, increasing global payment demands, and potential regulatory clarity. For instance, Bitwise predicts that the stablecoin market could double to $400 billion by 2025, partly due to potential stablecoin legislation passed by the U.S. Congress [3]. Additionally, the entry of traditional financial institutions such as Ripple, Mastercard, Visa, Dutch bank ING, and Stripe indicates that stablecoins are gradually integrating into mainstream financial systems. Moreover, the composition of stablecoin reserves is evolving. Since 2022, reserves for stablecoins like USDC have shifted from U.S. Treasury bonds to reverse repurchase agreements and cash, while USDT reserves have transitioned from high-credit-risk assets (e.g., commercial paper) to more stable assets. This change reflects the market's higher demand for transparency and stability. Against this market backdrop, the moves of tech giants are particularly noteworthy. We know that Meta (formerly Facebook) launched the ambitious Libra project (later renamed Diem) in 2019, aiming to create a global digital currency. However, due to strong opposition from the U.S. Congress and other regulatory bodies, the project was terminated in 2022. Fast forward to 2025, Meta has re-entered the stablecoin space, planning to use stablecoins to manage payments, particularly micro-payments to content creators (e.g., on Instagram). ✜ The trial reading has ended. The remaining hardcore content is hidden here👇