Facebook’s 2025 announcement to launch crypto wallets for 3 billion users revives its earlier Libra project, which was shelved in 2019 due to regulatory fears of undermining sovereign currencies and enabling money laundering, as noted in a Forbes article from October 24, 2019.
The initiative focuses on stablecoins, pegged to assets like the US dollar to avoid Bitcoin’s volatility, aligning with Meta’s discussions with crypto firms, according to a May 9, 2025, report from TheStreet, marking a shift from its abandoned Diem and Novi wallet plans.
With 90 million businesses on its platform, Facebook’s move could drive massive crypto adoption, especially among the 1.7 billion unbanked globally, addressing a 6.5% average cost in legacy payment systems, as highlighted in a 2023 Financial Brand article.
