In a significant move, Meta, the parent company of Facebook and Instagram, has begun offering payouts in stablecoins to its creators, marking a resurgence in its exploration of cryptocurrency-based payments following the discontinuation of its Libra project. Currently, this feature is available to a limited number of creators in Colombia and the Philippines, as per information on Meta's website. Eligible creators can link their cryptocurrency wallets to receive payouts in USDC, a stablecoin issued by Circle, on the Solana or Polygon blockchain networks.

This service is facilitated by Stripe, a payments company, which will also handle the crypto-related reporting for users. As a result, creators may receive tax documents from both Meta and Stripe related to their earnings and transactions involving digital assets.

A spokesperson from Stripe confirmed the company's role in this initiative. Jay Shah, the head of Link at Stripe, stated, 'Businesses can now make stablecoin payouts directly to customers using Link, and we are already collaborating with Meta to enable their creators to receive stablecoins in their Link wallets in countries such as the Philippines and Colombia.' This development follows Meta's earlier efforts to engage third-party vendors for the administration of stablecoin payments on its platforms, with Stripe being a leading contender for integration. By embracing stablecoins for real-world payments, Meta joins the ranks of large tech companies leveraging blockchain technology to facilitate global money transfers without relying on traditional banking systems.

Stablecoins, with their value pegged to fiat currencies, are increasingly recognized as a faster and more cost-effective method of payment. For instance, Visa reported that its stablecoin settlement network achieved $7 billion in annualized transaction volume, marking a 50% growth over a quarter.

This initiative signifies Meta's renewed foray into stablecoins after its previous attempt with the Libra token, later renamed Diem, which was discontinued in 2022 due to regulatory pressures.