In a notable move, Meta, the parent company of Facebook and Instagram, has introduced stablecoin payouts for creators, 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 the information available on Meta's website. Eligible creators can link their cryptocurrency wallets to receive payouts in USDC, a stablecoin issued by Circle, on the Solana or Polygon blockchain networks. The payments firm Stripe is providing support for this initiative, including crypto-related reporting for users, who may also receive tax documents from both Meta and Stripe related to their earnings and transactions involving digital assets.
The partnership was confirmed by a Stripe spokesperson. Jay Shah, the head of Link at Stripe, mentioned that businesses can now send stablecoin payouts directly to customers using Link, adding that they are already working with Meta to enable creators in countries like the Philippines and Colombia to receive stablecoins in their Link wallets. 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 transactions, Meta joins the ranks of large tech firms experimenting with blockchain technology to transfer money globally without relying on traditional banking systems. Stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, are gaining recognition as a faster and more cost-effective payment method. For instance, Visa reported that its stablecoin settlement network achieved an annualized transaction volume of $7 billion, representing a 50% growth in a quarter. This initiative marks Meta's re-entry into the stablecoin space after its previous attempt with the Libra token, later renamed Diem, which was shut down in 2022 due to regulatory scrutiny.