In a significant move, Meta, the parent company of Facebook and Instagram, has begun paying certain creators in stablecoins, marking a resurgence of its interest in cryptocurrency-based payments after abandoning the Libra project. Initially, this feature is being rolled out to a limited number of creators in Colombia and the Philippines. These eligible creators can link their crypto wallets to receive payouts in USDC, a stablecoin issued by Circle, on the Solana or Polygon blockchain networks. Stripe, a leading payments firm, is supporting this initiative by providing tools for crypto-related reporting, and creators may receive tax documents from both Meta and Stripe related to their earnings and digital asset transactions.
According to Jay Shah, head of Link at Stripe, the company is enabling businesses to send stablecoin payouts directly to customers through its Link service, with Meta being one of its partners. This development follows Meta's search for third-party vendors to facilitate stablecoin payments, with Stripe being a key contender. By embracing stablecoins for real-world payments, Meta joins the ranks of large tech firms experimenting with blockchain technology for global money transfers, bypassing traditional banking systems. The use of stablecoins, whose value is pegged to traditional currencies, is gaining traction as a faster and cheaper payment method.
This move also signals Meta's renewed interest in stablecoins after the demise of its Libra project, now rebranded as Diem, which was shelved due to regulatory pressures in 2022.