In a significant move, Meta, the parent company of Facebook and Instagram, has begun offering stablecoin payouts to creators, marking a resurgence of crypto-based payments after abandoning its Libra project. Initially, this feature is available to a limited number of creators in Colombia and the Philippines, as per a statement on Meta's website.
Eligible creators can link their crypto wallets to receive payouts in USDC, a stablecoin issued by Circle, on the Solana or Polygon blockchain networks. Payments firm Stripe is providing support for this service, including crypto-related reporting for users, who 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 in this initiative. Jay Shah, head of Link at Stripe, mentioned that 'businesses can now send stablecoin payouts directly to customers using Link,' referring to the company's customer checkout service.
'We are already partnering with Meta to enable their creators to receive stablecoins in their Link wallets in countries such as the Philippines and Colombia.' This development comes after Meta sought assistance from third-party vendors to facilitate stablecoin payments on its platforms, with Stripe being a leading contender for this integration. By adopting stablecoins for real-world payments, Meta joins the ranks of large tech firms leveraging blockchain technology to transfer funds globally without relying on traditional banking systems.
Stablecoins, whose prices are pegged to fiat currencies, are gaining recognition as a faster and more economical payment method. For instance, Visa reported that its stablecoin settlement network reached $7 billion in annualized transaction volume, representing a 50% growth 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.