Gilbert Verdian (@gverdian): .@Meta, the company that once ignited the digital currency race with its Libra (later Diem) initiative, is re-entering the stablecoin market, this tim…

.@Meta, the company that once ignited the digital currency race with its Libra (later Diem) initiative, is re-entering the stablecoin market, this time with regulatory alignment on its side. Originally envisioned in 2017 and launched in 2018, Libra represented an ambitious attempt by a private entity to introduce a global digital currency. However, it encountered formidable regulatory barriers and intense scrutiny over privacy concerns, ultimately leading to its discontinuation. Yet, Libra’s legacy continues. It catalysed a wave of innovation across the DeFi and blockchain, accelerating efforts to bring assets and money onchain, enabling users to transact and settle globally in real time. This concept has now been widely accepted by regulators, but more importantly institutions who are very actively migrating to onchain digital finance. For new entrants without Meta’s scale or reach, launching a stablecoin or building a substantial user base in the stablecoin market is becoming increasingly difficult. The upper tiers are now set to be dominated by the largest players vying for users’ trust and adoption. Tools like Visa’s stablecoin dashboard offer insights into this evolving landscape: https://t.co/Lxh5jdPpGX The financial system as we know it is in need of reinvention. We must encourage more pioneers and innovators to step forward with new ideas and bold innovation. As I stated at the 2019 conference, it will take many companies and visionaries working together to build the financial system of tomorrow. What we are creating now is not just an upgrade, but a transformational infrastructure designed to serve the next generation of finance.