Meta, the renowned social media company behind Facebook and Instagram, has initiated a stablecoin payout system for creators, marking a resurgence in crypto-based payments following the discontinuation of its Libra project years ago. Currently, this feature is accessible to a limited number of creators in Colombia and the Philippines, as per a statement on Meta's website. Eligible creators can link their crypto wallets to receive payouts in USDC, a stablecoin by Circle, on the Solana or Polygon blockchain networks.
This service is supported by Stripe, a payments firm that will handle crypto-related reporting for users. As a result, creators may receive tax documents from both Meta and Stripe related to their earnings and digital asset transactions.
A spokesperson from Stripe has confirmed the company's involvement in this initiative. Jay Shah, the head of Link at Stripe, stated, 'Businesses can now send stablecoin payouts directly to customers using Link.
We're already partnering with Meta so their creators can receive stablecoins in their Link wallets in countries like the Philippines and Colombia.' This development follows Meta's previous attempts to integrate stablecoin payments on its platforms with the help of third-party vendors, including Stripe. By adopting stablecoins for real-world payments, Meta joins the ranks of large tech firms experimenting with blockchain technology to facilitate global transactions without relying on traditional banking systems.
As cryptocurrencies tied to fiat currencies, stablecoins 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, with a 50% growth in a quarter. This initiative marks Meta's re-entry into the stablecoin arena after its previous attempt to introduce the Libra token, later renamed Diem, which was discontinued in 2022 due to regulatory scrutiny.