In a significant move, Meta, the parent company of Facebook and Instagram, has begun offering payouts in stablecoins to a select group of creators, marking a renewed foray into crypto-powered payments after abandoning its Libra project. This feature, currently available in Colombia and the Philippines, allows eligible creators to link their crypto wallets and receive payments in USDC tokens on the Solana or Polygon blockchain networks, with the support of payments firm Stripe. Stripe will provide users with crypto-related reporting, and creators may receive tax documents from both Meta and Stripe related to their earnings and digital asset transactions. The partnership between Meta and Stripe enables businesses to send stablecoin payouts directly to customers using Stripe's Link service.
This development positions Meta, with its vast user base across social media platforms, as a major tech firm exploring the use of stablecoins for real-world payments, leveraging blockchain technology to facilitate global transactions without relying on traditional banking systems. Stablecoins, whose value is pegged to fiat currencies, are gaining traction as a faster and more cost-effective payment method. The move also marks Meta's return to stablecoins after its previous attempt with the Libra token, later renamed Diem, which was shut down due to regulatory scrutiny in 2022.