In a significant move, Meta, the parent company of Facebook and Instagram, has initiated stablecoin payments for creators, reviving its foray into crypto-powered transactions after abandoning its Libra project. Currently, this feature is available to a limited number of creators in Colombia and the Philippines. Eligible creators can link their crypto wallets to receive payouts in USDC, a stablecoin offered by Circle, on the Solana or Polygon blockchain networks.
Payments firm Stripe is providing support for this service, including crypto-related reporting and tax documentation for users. The collaboration enables Meta creators to receive stablecoin payouts directly into their Link wallets in participating countries. This development marks Meta's re-entry into the stablecoin space after its previous attempt with the Libra token, which was eventually shut down due to regulatory issues. With over 3 billion users across its platforms, Meta is now among the largest tech companies to explore stablecoins for real-world transactions, leveraging blockchain technology to facilitate global payments without traditional banking systems.
As stablecoins gain traction as a faster and more affordable payment method, Meta's move is seen as a significant step forward in the adoption of digital assets for everyday transactions.