In a significant move, Meta, the parent company of Facebook and Instagram, has initiated stablecoin payouts for a select group of creators. This development marks a renewed foray into crypto-powered payments for the company, following its previous abandonment of the Libra project. Currently, this feature is available to a limited number of creators in Colombia and the Philippines, as per information available on Meta's website.

To utilize this feature, 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 initiative, which includes crypto-related reporting for users.

As a result, creators may receive tax documents from both Meta and Stripe, detailing their earnings and transactions involving digital assets. A spokesperson from Stripe has confirmed the company's involvement in this project.

Jay Shah, the head of Link at Stripe, mentioned that businesses can now directly send stablecoin payouts to customers using Link, with Meta being one of the partners. This collaboration enables Meta's 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.

With over 3 billion users across its social media platforms globally, Meta is now among the largest tech firms to experiment with stablecoins for real-world payments, leveraging blockchain technology to transfer money globally without relying on traditional banking systems. The use of stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, is increasingly seen as a faster and more cost-effective payment method.

For instance, Visa has reported that its stablecoin settlement network has reached $7 billion in annualized transaction volume, with a 50% growth in a quarter. This initiative marks Meta's return to stablecoins after the company previously attempted to introduce the Libra token, later renamed Diem, but shut down the project due to regulatory scrutiny in 2022.