In a significant move, Meta, the parent company of Facebook and Instagram, has introduced stablecoin payouts for creators, marking a renewed foray into crypto-based payments after its earlier Libra project was discontinued. This feature, initially available to a select group of creators in Colombia and the Philippines, allows eligible users to link their crypto wallets and receive payouts in USDC, a stablecoin by Circle, on the Solana and Polygon blockchain networks. Payments firm Stripe is providing support for this venture, including crypto-related reporting for tax purposes. As part of this collaboration, Stripe's head of Link, Jay Shah, mentioned that businesses can now directly send stablecoin payouts to customers using Link, with Meta being a key partner in this endeavor, particularly in countries like the Philippines and Colombia.
This development positions Meta, with its vast user base across the globe, as a major tech player exploring the use of stablecoins for real-world transactions, bypassing traditional banking systems. Stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, are gaining traction as a faster and more economical method of payment. The move also signifies Meta's re-entry into the stablecoin arena after its previous attempt with the Libra token, which was later renamed Diem before being shut down due to regulatory pressures in 2022.