Meta, the parent company of Facebook and Instagram, has begun offering payouts in stablecoins to its creators, marking a resurgence of crypto-based payments after putting its Libra project on hold. Currently, this feature is available to a limited number of creators in Colombia and the Philippines, as per Meta's website. Eligible creators can link their crypto wallets to receive payouts in USDC tokens on the Solana or Polygon blockchain networks. Stripe, a payments firm, is providing support for this service, including crypto-related reporting for users.
As a result, creators may 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. Jay Shah, the head of Link at Stripe, stated, "Businesses can now send stablecoin payouts directly to customers using Link.
We are partnering 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 facilitate stablecoin payments on its platforms, with Stripe being a leading contender. By doing so, Meta, with over 3 billion users globally, joins the list of tech giants exploring the use of stablecoins for real-world payments, utilizing blockchain technology to transfer money worldwide without relying on traditional banking systems. Stablecoins, whose prices are pegged to fiat currencies, are gaining recognition as a faster and more affordable payment method.
For instance, Visa reported that its stablecoin settlement network reached $7 billion in annualized transaction volume, growing 50% in a quarter. This initiative marks Meta's re-entry into the stablecoin space after its attempt to launch the Libra token, later renamed Diem, which was shut down in 2022 due to regulatory scrutiny.