In a significant move, Meta, the parent company of Facebook and Instagram, has initiated payments to creators in stablecoins, marking a resurgence in its exploration of crypto-based transactions. This development comes years after the company shelved its ambitious Libra project.
Currently, a select group of creators in Colombia and the Philippines can access this feature, which allows them to link their crypto wallets and 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 firm, 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.
Confirming the partnership, a spokesperson from Stripe noted the company's involvement in enabling stablecoin payouts directly to customers. The head of Link at Stripe, Jay Shah, emphasized the capability of businesses to send stablecoin payouts directly to customers using Link, highlighting the existing partnership with Meta to enable creators in certain countries to receive stablecoins. This development follows Meta's search for third-party vendors to administer stablecoin payments, with Stripe being a key contender.
By embracing stablecoins for real-world transactions, Meta joins the ranks of large tech firms leveraging blockchain technology to facilitate global payments without relying on traditional banking systems. Stablecoins, with their value pegged to traditional currencies, are increasingly recognized for their potential to offer faster and cheaper payment solutions.
The move also signifies Meta's renewed interest in stablecoins after the demise of its Libra project, now rebranded as Diem, which was halted in 2022 due to regulatory pressures.