Meta, the company behind renowned social media platforms Facebook and Instagram, has initiated a program to pay certain creators in stablecoins, marking a resurgence in its exploration of cryptocurrency-based payments following the discontinuation of its Libra project. This feature is currently accessible to a limited number of creators in Colombia and the Philippines, as stated on Meta's website. Eligible creators can link their cryptocurrency wallets to receive payments in USDC, a stablecoin issued by Circle, via the Solana or Polygon blockchain networks. Stripe, a payments firm, is supporting this initiative by providing cryptocurrency-related reporting for users, who may receive tax documents from both Meta and Stripe related to their earnings and digital asset transactions.

A spokesperson for Stripe confirmed the company's involvement in this project. Jay Shah, the head of Link at Stripe, mentioned that businesses can now utilize Link to send stablecoin payouts directly to customers, and the company is collaborating with Meta to enable creators in countries such as the Philippines and Colombia to receive stablecoins in their Link wallets.

This development follows Meta's search for third-party vendors to facilitate 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 experimenting with blockchain technology to transfer money globally without relying on traditional banking systems. Stablecoins, which are cryptocurrencies pegged to the value of traditional currencies, are gaining recognition as a faster and more cost-effective payment method.

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 initiative marks Meta's re-entry into the stablecoin arena after its previous attempt to introduce the Libra token, later renamed Diem, which was ultimately shut down due to regulatory scrutiny in 2022.