Meta, the parent company of Facebook and Instagram, has begun offering payouts in stablecoins to a limited number of creators, marking a renewed foray into cryptocurrency-based payments. This development comes years after the company abandoned its Libra project.
Currently, eligible creators in Colombia and the Philippines can link their crypto wallets to receive USDC token payouts on the Solana or Polygon blockchain networks. This service is facilitated by Stripe, which will handle crypto-related reporting and potentially provide tax documents to creators. The collaboration enables creators to receive stablecoin payouts directly through Stripe's Link service. Meta's move signals a significant step into stablecoin payments, leveraging blockchain technology to transfer funds globally without relying on traditional banking systems.
With over 3 billion users across its platforms, Meta joins the ranks of major tech firms exploring the potential of stablecoins for real-world transactions. The initiative also marks Meta's re-entry into the stablecoin space after the termination of its Diem project in 2022.