In a significant move, Meta, the parent company of Facebook and Instagram, has initiated a program to pay creators in stablecoins, marking a notable return to cryptocurrency-based payments after abandoning its Libra project. This feature is currently available to a limited number of creators in Colombia and the Philippines, where eligible users 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 leading payments company, which will also provide users with crypto-related reporting. As a result, creators may receive tax documents from both Meta and Stripe related to their earnings and digital asset transactions.
A spokesperson for Stripe confirmed the company's involvement in this initiative. The head of Link at Stripe, Jay Shah, stated that businesses can now send stablecoin payouts directly to customers using Link, and that they are partnering with Meta to enable creators in countries like the Philippines and Colombia to receive stablecoins in their Link wallets. This development comes after Meta sought assistance from third-party vendors to administer stablecoin payments on its platforms, with Stripe being a leading contender for integration. By adopting stablecoins for real-world payments, Meta joins the ranks of large tech firms leveraging blockchain technology to facilitate global payments without relying on traditional banking systems.
Stablecoins, whose prices are pegged to fiat currencies, are increasingly recognized as a faster and more cost-effective payment method. For instance, Visa reported that its stablecoin settlement network reached $7 billion in annualized transaction volume, representing a 50% growth in a quarter.
This initiative marks Meta's re-entry into the stablecoin space after its previous attempt to introduce the Libra token, later renamed Diem, which was shut down in 2022 due to regulatory scrutiny.