In a significant move, Meta, the parent company of Facebook and Instagram, has initiated a program to pay certain creators in stablecoins, marking a renewed foray into crypto-based payments after abandoning its Libra project. Currently, this feature is being offered to a limited number of creators in Colombia and the Philippines, as per information available on Meta's website. Eligible creators can link their crypto wallets to receive payouts in USDC, a stablecoin issued by Circle, on the Solana or Polygon blockchain networks. This initiative is being facilitated by Stripe, a payments firm that will also handle 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 involvement in this project. Jay Shah, the head of Link at Stripe, stated, 'Businesses can now make stablecoin payouts directly to customers using Link.
We are already working 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 search for third-party vendors to manage 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 firms leveraging blockchain technology to facilitate global money transfers without relying on traditional banking systems. Stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, are gaining recognition as a faster and more economical method of payment. For instance, Visa reported that its stablecoin settlement network reached an annualized transaction volume of $7 billion, representing a 50% increase over the previous quarter.
This move signals Meta's return to the stablecoin space after its previous attempt to launch the Libra token, later renamed Diem, which was shut down in 2022 due to regulatory pressures.