Meta, the parent company of Facebook and Instagram, has introduced stablecoin payouts for its creators, marking a renewed foray into cryptocurrency-based transactions after previously discontinuing its Libra project. Currently, this feature is accessible to a limited number of creators in Colombia and the Philippines. Eligible creators can link their digital wallets to receive payouts in USDC, a stablecoin offered by Circle, on the Solana or Polygon blockchain networks. This initiative is supported by Stripe, a payments firm that will handle crypto-related reporting and provide tax documents to creators.
The integration enables creators to receive stablecoin payments directly through Stripe's Link service. This development positions Meta, with its vast user base of over 3 billion people worldwide, as a key player in the experimentation of stablecoins for real-world transactions. Stablecoins, which are cryptocurrencies pegged to the value of traditional currencies, are gaining recognition for their potential to facilitate faster and more cost-effective transactions. For instance, Visa reported a significant increase in its stablecoin settlement network, reaching $7 billion in annualized transaction volume.
This move signifies Meta's re-entry into the stablecoin space after its previous attempt with the Libra token, which was later renamed Diem and ultimately discontinued due to regulatory challenges in 2022.