In a significant move, Meta, the parent company of Facebook and Instagram, has begun offering payouts in stablecoins to its creators, marking a renewed foray into crypto-enabled payments after abandoning its Libra project. This feature is currently limited to a select group of creators in Colombia and the Philippines, as per information on Meta's website.
Eligible creators can link their crypto wallets to receive payouts in USDC, a stablecoin issued by Circle, on the Solana or Polygon blockchain networks. The payments firm Stripe is providing support for this initiative, including crypto-related reporting for users, who may receive tax documents from both Meta and Stripe related to their earnings and digital asset transactions. A spokesperson from Stripe confirmed the company's involvement. The head of Link at Stripe, Jay Shah, stated, 'Businesses can now send stablecoin payouts directly to customers using Link.
We are already collaborating with Meta to enable creators in countries like the Philippines and Colombia to receive stablecoins in their Link wallets.' This development follows Meta's search for third-party vendors to facilitate stablecoin payments on its platforms, with Stripe being a leading contender. By embracing stablecoins for real-world payments, Meta joins the ranks of large tech firms leveraging blockchain technology to transfer money globally without relying on traditional banking systems. Stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, are gaining recognition as a faster and more economical payment method.
For instance, Visa reported that its stablecoin settlement network reached $7 billion in annualized transaction volume, experiencing 50% growth in a quarter. This initiative marks Meta's return to stablecoins after its previous attempt to launch the Libra token, later renamed Diem, which was shut down in 2022 due to regulatory scrutiny.