In a significant move, Meta, the parent company of Facebook and Instagram, has begun offering payouts in stablecoins to a select group of creators. This development marks a renewed foray into crypto-powered payments for the company, following the discontinuation of its Libra project. Currently, this feature is available to a limited number of creators in Colombia and the Philippines, who can link their crypto wallets to receive payouts in USDC tokens on the Solana or Polygon blockchain networks, with the support of payments firm Stripe.
Stripe will also handle crypto-related reporting for users and may provide tax documents related to their earnings and digital asset transactions. This collaboration comes after Meta sought partnerships with third-party vendors for stablecoin payments, with Stripe being a key contender. With over 3 billion users across its platforms, Meta joins the ranks of large tech companies exploring the use of stablecoins for real-world transactions, leveraging blockchain technology to facilitate global payments without traditional banking systems. Stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, are gaining popularity as a faster and more cost-effective payment method.
For instance, Visa has reported a significant growth in its stablecoin settlement network, reaching $7 billion in annualized transaction volume. This initiative represents Meta's re-entry into the stablecoin space after its previous attempt with the Libra token, later renamed Diem, which was shut down due to regulatory concerns in 2022.