In a significant move, Meta, the parent company of Facebook and Instagram, has begun offering stablecoin payments to a select group of creators, marking a notable return to cryptocurrency-based transactions after previously abandoning its Libra project. This new feature, currently available in Colombia and the Philippines, enables eligible users to link their cryptocurrency wallets and receive payments in USDC, a stablecoin issued by Circle, on the Solana or Polygon blockchain networks. The rollout of this feature is supported by Stripe, a leading payments firm, which will provide users with cryptocurrency-related reporting.
As a result, creators may receive tax documents from both Meta and Stripe related to their earnings and digital asset transactions. A spokesperson for Stripe confirmed the company's involvement in this initiative. According to Jay Shah, head of Link at Stripe, the company's checkout service, Link, now allows businesses to send stablecoin payouts directly to customers.
Shah noted that Stripe is already partnering with Meta to facilitate stablecoin payments to creators in countries such as the Philippines and Colombia. This development comes after Meta sought the assistance of third-party vendors to administer 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 seen 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, representing a 50% increase over the previous quarter. This initiative marks Meta's re-entry into the stablecoin space after its previous attempt to introduce the Libra token, later renamed Diem, which was shut down in 2022 due to regulatory scrutiny.