In a significant move, Meta, the parent company of Facebook and Instagram, has begun offering payouts in stablecoins to a select group of creators, marking a resurgence of crypto-based payments after the company previously abandoned its Libra project. The new feature, currently available to creators in Colombia and the Philippines, allows users to link their crypto wallets and receive payments in USDC tokens on the Solana or Polygon blockchain networks, with support from payments firm Stripe.
Stripe will provide users with crypto-related reporting, and creators may receive tax documents from both Meta and Stripe related to their earnings and digital asset transactions. The collaboration is part of Stripe's broader effort to expand its presence in the blockchain and stablecoin space. According to Jay Shah, head of Link at Stripe, the company's customer checkout service, Link, now enables businesses to send stablecoin payouts directly to customers.
The development comes after Meta sought the assistance of third-party vendors to facilitate stablecoin payments on its platforms, with Stripe emerging as a leading contender for the integration. With over 3 billion users across its social media platforms globally, Meta is now among the largest tech companies experimenting with stablecoins for real-world payments, leveraging blockchain technology to transfer funds globally without relying on traditional banking systems.
The move underscores the growing appeal of stablecoins, which are viewed as a faster and more cost-effective payment method. For instance, Visa has reported that its stablecoin settlement network has reached $7 billion in annualized transaction volume, representing a 50% quarterly growth.
Meta's renewed foray into stablecoins follows its previous attempt to introduce the Libra token, later rebranded as Diem, which was ultimately shut down in 2022 due to regulatory scrutiny.