Meta, the parent company of Facebook and Instagram, has initiated a program to pay certain creators in stablecoins, marking a resurgence of its interest in cryptocurrency-based payments after abandoning the Libra project. This feature is currently limited to a select group 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 tokens on 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 Stripe spokesperson confirmed the company's involvement, with Jay Shah, head of Link at Stripe, stating that businesses can now send stablecoin payouts directly to customers using Link, and that they are partnering with Meta to enable 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 embracing stablecoins for real-world payments, Meta joins the ranks of large tech firms leveraging blockchain technology to transfer money globally without relying on traditional banking systems.
The use of stablecoins, whose prices are pegged to fiat currencies, is gaining traction as a faster and more cost-effective payment method. This move marks Meta's re-entry into the stablecoin space after its previous attempt to launch the Libra token, later renamed Diem, which was shut down in 2022 due to regulatory scrutiny.