{"id":2079,"date":"2025-08-06T12:08:47","date_gmt":"2025-08-06T04:08:47","guid":{"rendered":"https:\/\/aiwiselnk.com\/?p=2079"},"modified":"2025-08-06T12:19:07","modified_gmt":"2025-08-06T04:19:07","slug":"chain-explorationfrom-on-chain-central-bank-to-traffic-distribution-metas-unquenchable-ambition-for-stablecoins","status":"publish","type":"post","link":"https:\/\/aiwiselnk.com\/index.php\/2025\/08\/06\/chain-explorationfrom-on-chain-central-bank-to-traffic-distribution-metas-unquenchable-ambition-for-stablecoins\/","title":{"rendered":"Chain Exploration&#8221;From On-chain Central Bank to Traffic Distribution: Meta&#8217;s Unquenchable Ambition for Stablecoins&#8221;"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"695\" height=\"459\" src=\"https:\/\/aiwiselnk.com\/wp-content\/uploads\/2025\/08\/image-1.png\" alt=\"\" class=\"wp-image-2083\" srcset=\"https:\/\/aiwiselnk.com\/wp-content\/uploads\/2025\/08\/image-1.png 695w, https:\/\/aiwiselnk.com\/wp-content\/uploads\/2025\/08\/image-1-300x198.png 300w, https:\/\/aiwiselnk.com\/wp-content\/uploads\/2025\/08\/image-1-670x442.png 670w\" sizes=\"auto, (max-width: 695px) 100vw, 695px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/aiwiselnk.com\/wp-content\/uploads\/2025\/08\/Chain-ExplorationFrom-On-chain-Central-Bank-to-Traffic-Distribution_-Metas-Unquenchable-Ambition-for-Stablecoins.mp3\"><\/audio><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">From &#8216;On-Chain Central Bank&#8217; to Traffic &#8216;Distributor&#8217;: Meta&#8217;s Undying Stablecoin Ambition<\/h1>\n\n\n\n<p>Meta (formerly Facebook) has never been in the stablecoin game to contribute to Web3.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">I. Libra&#8217;s &#8216;Central Bank Dream&#8217;: A Global Experiment That Shook Regulators<\/h3>\n\n\n\n<p>In 2019, Libra burst onto the scene. Its whitepaper read like an IMF blueprint\u2014Swiss headquarters, pegged to a basket of fiat currencies, backed by a full governance structure and reserve model. It was a tech giant&#8217;s audacious attempt to create a &#8216;digital dollar alternative.&#8217;<\/p>\n\n\n\n<p>But the dream collapsed quickly. Just 3 days after the whitepaper release, the chair of the U.S. House Financial Services Committee sounded the alarm, accusing Libra of &#8216;sovereignty-bypassing&#8217; financial ambitions. Over the next three years, Zuckerberg testified four times; Libra shrank from a multi-currency peg to a single dollar, scrubbed &#8216;financial inclusion&#8217; from its rhetoric; partner banks hit dead ends until finally linking with Silvergate; and the whitepaper revised from 1.0 to 2.0,\u59a5\u534fing step by step.<\/p>\n\n\n\n<p>In January 2022, Diem (Libra&#8217;s successor) sold its assets for $200 million to Silvergate, marking its death. Libra became a cautionary tale of &#8216;overreach,&#8217; and U.S. tech firms learned:\u516c\u5f00ly discussing stablecoin issuance? Don&#8217;t even think about it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">II. A New Script: No More Issuing, Just &#8216;Distributing&#8217; Traffic<\/h3>\n\n\n\n<p>Early 2025 saw a key return\u2014Ginger Baker, appointed Meta&#8217;s VP of Payment Products. A compliance veteran with stints at Ripple, Plaid, and Square, she&#8217;d led Facebook&#8217;s payment system back in 2016, even working on on-chain payment prototypes before Libra went public. Her comeback signaled Meta&#8217;s clear intent to re-enter the stablecoin race.<\/p>\n\n\n\n<p>This time, Meta got smarter: no more currency issuance, focus on payment scenarios. Per <em>Fortune<\/em>, it&#8217;s in talks with crypto infrastructure firms to integrate stablecoins (like USDC, USDT) into Facebook and WhatsApp for content creator revenue settlement.<\/p>\n\n\n\n<p>Meta avoids reserves and clearing, only &#8216;orchestrating payment paths,&#8217; yet\u7262\u7262controls three core gateways: who can receive funds, where the money comes from, and how accounts are settled. Simply put, it wants to be a stablecoin &#8216;traffic distributor.&#8217;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">III. Regulators Are Back: Control Over Pathways = Systemic Risk?<\/h3>\n\n\n\n<p>June this year, two U.S. senators grilled Zuckerberg: Is Meta quietly building a &#8216;private currency network&#8217; under the guise of partnerships? Their letter hit the nail: even without issuing coins, controlling accounts and clearing pathways still poses systemic risks.<\/p>\n\n\n\n<p>It\u2019s understandable. Diem once aimed to profit from &#8216;seigniorage&#8217; and cross-border clearing fees, but the <em>GENIUS Act<\/em> shut that down\u2014it bans big platforms from direct stablecoin issuance, even adding a &#8216;Libra Clause&#8217; requiring non-bank issuers to form Circle-like independent entities, passing antitrust reviews and Treasury approval.<\/p>\n\n\n\n<p>Now Meta\u2019s pivoted: using USDC as a ready-made dollar settlement module, embedding it into its account system, offloading clearing to third parties, and cashing in on &#8216;traffic profit-sharing.&#8217; Just as Coinbase leverages its user base to negotiate interest splits with Circle, Meta\u2014with 3 billion users\u2014has the clout to demand channel fees, even using transaction data for ad targeting.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">IV. Stablecoins Step Backstage: Platforms Compete for &#8216;Capital Control&#8217;<\/h3>\n\n\n\n<p>Meta\u2019s shift isn\u2019t unique. After the <em>GENIUS Act<\/em> drew lines, the stablecoin landscape changed:<br>\n&#8211; <strong>Issuance belongs to licensed entities<\/strong>: Firms like Circle and Paxos handle reserves and on-chain clearing, subject to bank-level regulation;<br>\n&#8211; <strong>Traffic ports become new battlegrounds<\/strong>: Platforms like Meta, Stripe, and PayPal now hide stablecoins in Web2 workflows, turning them into &#8216;invisible settlement tools&#8217;\u2014users never see &#8216;Crypto,&#8217; but unknowingly use it to pay.<\/p>\n\n\n\n<p>As stablecoins become as unnoticeable as the TCP\/IP protocol, competition shifts from &#8216;who issues&#8217; to &#8216;who controls capital flow.&#8217; Meta didn\u2019t get a &#8216;central bank license,&#8217; but on its turf, it\u2019s quietly building a &#8216;payment tollbooth.&#8217;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Conclusion<\/h3>\n\n\n\n<p>Diem\u2019s &#8216;central bank dream&#8217; died, but Meta\u2019s stablecoin ambition lives on in a new form. Regulators made it clear: &#8216;Stablecoins can be issued, but not by you.&#8217; But if a platform controls capital flow, accounts, and data\u2014Is it a tool provider, or a new generation of clearinghouse?<\/p>\n\n\n\n<p>Meta\u2019s answering, Stripe and PayPal too. And the answer might lie in your next WhatsApp creator payout.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.odaily.news\/zh-CN\/post\/5205531\">Read More\u300a\u4ece\u94fe\u4e0a\u592e\u884c\u5230\u6d41\u91cf\u5206\u9500\uff0cMeta\u4e0d\u706d\u7684\u7a33\u5b9a\u5e01\u91ce\u671b\u300b<\/a><\/p>\n\n\n\n<p>This content is AI-generated and does not constitute investment advice. Please exercise your own rational judgment.<\/p>\n\n\n\n<p><a href=\"https:\/\/dzdt.online\/index.php\/2025\/08\/06\/%e9%93%be%e4%b8%8a%e6%8e%a2%e7%b4%a2%e3%80%8a%e4%bb%8e%e9%93%be%e4%b8%8a%e5%a4%ae%e8%a1%8c%e5%88%b0%e6%b5%81%e9%87%8f%e5%88%86%e9%94%80%ef%bc%8cmeta%e4%b8%8d%e7%81%ad%e7%9a%84%e7%a8%b3%e5%ae%9a\/\">\u94fe\u4e0a\u63a2\u7d22\u300a\u4ece\u94fe\u4e0a\u592e\u884c\u5230\u6d41\u91cf\u5206\u9500\uff0cMeta\u4e0d\u706d\u7684\u7a33\u5b9a\u5e01\u91ce\u671b\u300b<\/a><\/p>\n\n\n<ul class=\"wp-block-latest-posts__list wp-block-latest-posts\"><li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/aiwiselnk.com\/index.php\/2026\/04\/08\/%e5%88%9b%e4%b8%9a%e7%83%ad%e7%82%b9%e6%99%a8%e6%8a%a5-2026%e5%b9%b404%e6%9c%8808%e6%97%a5%ef%bc%88%e5%91%a8%e4%b8%89%ef%bc%89%ef%bc%9a2026%e5%b9%b4%e5%a4%a7%e5%ad%a6%e7%94%9f%e5%88%9b%e6%96%b0\/\">\u521b\u4e1a\u70ed\u70b9\u6668\u62a5 | 2026\u5e7404\u670808\u65e5\uff08\u5468\u4e09\uff09\uff1a2026\u5e74\u5927\u5b66\u751f\u521b\u65b0\u521b\u4e1a\u8bad\u7ec3\u8ba1\u5212\u9879\u76ee\u63a8\u8350\u6392\u5e8f\u516c\u793a\u30012026\u5e74\u5927\u5b66\u751f\u521b\u65b0\u521b\u4e1a\u8bad\u7ec3\u8ba1\u5212\u9879\u76ee\u63a8\u8350\u6392\u5e8f\u516c\u793a<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/aiwiselnk.com\/index.php\/2026\/04\/07\/%e5%88%9b%e4%b8%9a%e7%83%ad%e7%82%b9%e6%99%a8%e6%8a%a5-2026%e5%b9%b404%e6%9c%8807%e6%97%a5%ef%bc%88%e5%91%a8%e4%ba%8c%ef%bc%89%ef%bc%9a%e6%9c%80%e9%ab%98%e6%89%b6%e6%8c%8150%e4%b8%87%e5%85%832026\/\">\u521b\u4e1a\u70ed\u70b9\u6668\u62a5 | 2026\u5e7404\u670807\u65e5\uff08\u5468\u4e8c\uff09\uff1a\u6700\u9ad8\u6276\u630150\u4e07\u5143!2026\u5e74\u6e56\u5317\u7701\u5927\u5b66\u751f\u521b\u4e1a\u6276\u6301\u9879&#8230;\u3001\u771f\u91d1\u767d\u94f6\u6765\u5566!2026\u5e74\u6e56\u5317\u7701\u5927\u5b66\u751f\u521b\u4e1a\u6276\u6301\u9879\u76ee\u4eca&#8230;<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/aiwiselnk.com\/index.php\/2026\/04\/06\/%e5%88%9b%e4%b8%9a%e7%83%ad%e7%82%b9%e6%99%a8%e6%8a%a5-2026%e5%b9%b404%e6%9c%8806%e6%97%a5%ef%bc%88%e5%91%a8%e4%b8%80%ef%bc%89%ef%bc%9a%e7%9c%9f%e9%87%91%e7%99%bd%e9%93%b6%e6%9d%a5%e5%95%a62026\/\">\u521b\u4e1a\u70ed\u70b9\u6668\u62a5 | 2026\u5e7404\u670806\u65e5\uff08\u5468\u4e00\uff09\uff1a\u771f\u91d1\u767d\u94f6\u6765\u5566!2026\u5e74\u6e56\u5317\u7701\u5927\u5b66\u751f\u521b\u4e1a\u6276\u6301\u9879\u76ee\u4eca&#8230;\u3001\u771f\u91d1\u767d\u94f6\u6765\u5566!2026\u5e74\u6e56\u5317\u7701\u5927\u5b66\u751f\u521b\u4e1a\u6276\u6301\u9879\u76ee\u660e&#8230;<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/aiwiselnk.com\/index.php\/2026\/04\/05\/%e5%88%9b%e4%b8%9a%e7%83%ad%e7%82%b9%e6%99%a8%e6%8a%a5-2026%e5%b9%b404%e6%9c%8805%e6%97%a5%ef%bc%88%e5%91%a8%e6%97%a5%ef%bc%89%ef%bc%9a%e6%af%9b%e5%ad%a9%e5%ad%90%e4%b9%9f%e6%9c%89%e6%90%ad%e5%ad%90\/\">\u521b\u4e1a\u70ed\u70b9\u6668\u62a5 | 2026\u5e7404\u670805\u65e5\uff08\u5468\u65e5\uff09\uff1a\u6bdb\u5b69\u5b50\u4e5f\u6709\u642d\u5b50\u4e86\u2014\u2014\u5ddd\u5927\u5b66\u751f\u7814\u53d1\u4f34\u5ba0\u673a\u5668\u4eba,\u62ff\u4e0b\u5168&#8230;\u3001\u6700\u9ad8\u6276\u630150\u4e07\u5143!2026\u5e74\u6e56\u5317\u7701\u5927\u5b66\u751f\u521b\u4e1a\u6276\u6301\u9879&#8230;<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/aiwiselnk.com\/index.php\/2025\/12\/09\/startup-commentarythree-post-2005-entrepreneurs-are-reported-to-have-secured-a-new-financing-of-350-million-yuan\/\">Startup Commentary&#8221;Three post-2005 entrepreneurs are reported to have secured a new financing of 350 million yuan.&#8221;<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>Diem\u2019s &#8216;central bank dream&#8217; died, but Meta\u2019s stablecoin ambition lives on in a new form. Regulators made it clear: &#8216;Stablecoins can be issued, but not by you.&#8217; But if a platform controls capital flow, accounts, and data\u2014Is it a tool provider, or a new generation of clearinghouse?<\/p>\n","protected":false},"author":3,"featured_media":2083,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[9],"class_list":["post-2079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-xiaotongcolumn","tag-chainexploration"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chain Exploration&quot;From On-chain Central Bank to Traffic Distribution: Meta&#039;s Unquenchable Ambition for Stablecoins&quot; - AIWiseLnk<\/title>\n<meta name=\"description\" content=\"Diem\u2019s &#039;central bank dream&#039; died, but Meta\u2019s stablecoin ambition lives on in a new form. 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