Meta, the parent company of Facebook and Instagram, has initiated a program to pay certain creators in stablecoins, marking a renewed foray into cryptocurrency-based transactions after previously abandoning its Libra project. Currently, this feature is accessible to a limited number of creators in Colombia and the Philippines, as per information available on Meta's website. Eligible creators can link their cryptocurrency wallets and receive payments in USDC, a stablecoin issued by Circle, via the Solana or Polygon blockchain networks.
Payments firm Stripe is providing support for this service, including crypto-related reporting for users, who may also receive tax documents from both Meta and Stripe related to their earnings and digital asset transactions. A spokesperson from Stripe confirmed the company's involvement. The collaboration enables businesses to send stablecoin payouts directly to customers using Stripe's Link service.
This development follows Meta's earlier attempts to integrate stablecoin payments on its platforms, with Stripe being a leading contender. By embracing stablecoins for real-world transactions, Meta joins the ranks of major tech companies leveraging blockchain technology to facilitate global payments 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 cost-effective payment method.
This initiative marks Meta's re-entry into the stablecoin space after its previous attempt with the Libra token, later renamed Diem, which was discontinued due to regulatory scrutiny.