In a significant move, Meta, the parent company of Facebook and Instagram, has begun offering payouts in stablecoins to a limited number of creators, marking a resurgence in crypto-based payments after the company previously shelved its Libra project. Currently, this feature is available 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 and receive payouts in USDC, a stablecoin issued by Circle, on the Solana or Polygon blockchain networks. This initiative is supported by Stripe, a prominent payments firm, which will handle 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 in this project. Jay Shah, the head of Link at Stripe, stated, 'Businesses can now send stablecoin payouts directly to customers using Link, and 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 the assistance of 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, whose prices are pegged to fiat currencies, are increasingly being viewed as a faster and more cost-effective payment method.
For instance, Visa reported that its stablecoin settlement network reached $7 billion in annualized transaction volume, experiencing a 50% growth in a quarter. This move marks Meta's return to stablecoins after its previous attempt to introduce the Libra token, later renamed Diem, which was shut down in 2022 due to regulatory scrutiny.