Meta, the parent company of Facebook and Instagram, has reintroduced cryptocurrency-based payments by offering select creators the option to receive payouts in stablecoins. This move marks a significant shift back to crypto-powered transactions after the company previously abandoned its Libra project.
Currently, a limited number of creators in Colombia and the Philippines can link their crypto wallets to receive USDC tokens on the Solana or Polygon blockchain networks. This service is made possible through a partnership with Stripe, a payments firm that will handle crypto-related reporting and provide tax documents to creators.
The collaboration enables creators to receive stablecoin payouts directly through Stripe's Link service. This development positions Meta, with its vast user base of over 3 billion people, as a major player in the experimentation of stablecoins for real-world transactions, utilizing blockchain technology to facilitate global payments without relying on traditional banking systems. As stablecoins gain traction as a faster and more cost-effective payment method, Meta's initiative marks a notable return to the crypto space after the company's previous attempt with the Libra token, which was eventually shut down due to regulatory concerns.