In a significant move, Meta, the parent company of Facebook and Instagram, has begun offering payouts in stablecoins to a limited number of creators. This development marks a notable return to cryptocurrency-based payments after the company previously abandoned its Libra project.
Currently, this feature is available to select creators in Colombia and the Philippines, who can link their crypto wallets to receive USDC tokens on the Solana or Polygon blockchain networks. This service is made possible through a collaboration with Stripe, a payments firm that 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, highlighting its role in facilitating stablecoin payouts. The head of Link at Stripe, Jay Shah, noted that businesses can now utilize Link to send stablecoin payouts directly to customers, with Meta being one of the first partners to leverage this service for its creators in countries such as the Philippines and Colombia.
This development follows Meta's search for third-party vendors to manage 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 experimenting with blockchain technology to facilitate global money transfers without relying on traditional banking systems. Stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, are increasingly recognized as a faster and more cost-effective payment method. The move also signifies 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 in 2022.