In a move marking its return to crypto-based payments, Meta, the parent company of Facebook and Instagram, has begun offering stablecoin payouts to creators. This development comes after the company had previously shelved its Libra project. Currently, a limited number of creators in Colombia and the Philippines have access to this feature, which allows them to link a cryptocurrency wallet and receive payouts in USDC, a stablecoin issued by Circle, on the Solana or Polygon blockchain networks.
Payments firm Stripe is supporting this initiative by providing cryptocurrency-related reporting for users, who may receive tax documents from both Meta and Stripe related to their earnings and digital asset transactions. A spokesperson from Stripe confirmed the company's involvement in this project. Jay Shah, head of Link at Stripe, stated that businesses can now use Link to send stablecoin payouts directly to customers, and that Stripe is already partnering 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 payments, Meta joins the ranks of large tech firms leveraging blockchain technology to transfer money globally without relying on traditional banking systems. Stablecoins, whose prices are pegged to fiat currencies, are gaining recognition as a faster and more affordable payment method.
For instance, Visa reported that its stablecoin settlement network reached $7 billion in annualized transaction volume, representing a 50% growth in just one quarter. This move 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.