Meta, the parent company of Facebook and Instagram, has introduced a new payment system that allows creators to receive payouts in stablecoins. This move marks a significant step back into crypto-powered payments for the company, following its previous attempt with the Libra project, which was later discontinued. Currently, a limited number of creators in Colombia and the Philippines can link their crypto wallets to receive USDC tokens on the Solana or Polygon blockchain networks, with Stripe providing support for the service, including crypto-related reporting and tax documentation for users. This development is part of Meta's broader efforts to explore the use of stablecoins for real-world transactions, leveraging blockchain technology to facilitate faster and cheaper payments globally.
The partnership with Stripe, a leading payments firm, underscores the growing interest in stablecoins, with major companies like Visa also reporting significant growth in stablecoin transactions. This initiative signals Meta's renewed interest in stablecoins, following its earlier unsuccessful attempt with the Diem project, and positions the company as a major player in the emerging landscape of blockchain-based payments.