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 is currently limited to creators in Colombia and the Philippines, where eligible users can link their crypto wallets to receive USDC token payouts on the Solana or Polygon blockchain networks, thanks to a partnership with payments firm Stripe.
Stripe will handle crypto-related reporting for users, who may also 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 initiative. According to Jay Shah, head of Link at Stripe, 'Businesses can now send stablecoin payouts directly to customers using Link. We're already partnering with Meta so their creators can receive stablecoins in their Link wallets in countries like the Philippines and Colombia.' This development follows Meta's search for third-party vendors to facilitate stablecoin payments on its platforms, with Stripe emerging as a leading contender.
With over 3 billion users globally, Meta is now among the largest tech companies exploring the use of stablecoins for real-world payments, leveraging blockchain technology to transfer funds without relying on traditional banking systems. Stablecoins, whose prices are pegged to fiat currencies, are gaining traction as a faster and cheaper payment method. For instance, Visa reported that its stablecoin settlement network reached $7 billion in annualized transaction volume, with a 50% growth in just a quarter. This initiative marks Meta's re-entry into the stablecoin space after its previous attempt with the Libra token, later renamed Diem, which was shut down in 2022 due to regulatory scrutiny.