In a significant move, Meta, the parent company of Facebook and Instagram, has introduced stablecoin payouts for creators, marking a resurgence in its exploration of crypto-powered payments after abandoning its Libra project. This feature is currently 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 payments firm Stripe providing support for the service, including crypto-related reporting and tax documentation.
According to Jay Shah, head of Link at Stripe, the company is partnering with Meta to enable creators to receive stablecoins directly into 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 leveraging blockchain technology, Meta aims to provide faster and cheaper payment solutions to its over 3 billion users worldwide, joining other major tech firms in experimenting with stablecoins for real-world transactions. The move also marks Meta's re-entry into the stablecoin space after the demise of its Libra project, and comes as stablecoins are gaining traction as a viable payment method, with companies like Visa reporting significant growth in stablecoin settlement volumes.