Meta, the parent company of Facebook and Instagram, has initiated a new payment system, offering select creators the option to receive payouts in stablecoins. This move marks a significant shift towards cryptocurrency-powered payments, following the company's previous abandonment of its Libra project. Currently, a small group of creators in Colombia and the Philippines can link their crypto wallets to receive USDC tokens on the Solana or Polygon blockchain networks, with Stripe providing support for the service, including crypto-related reporting and tax documentation.
The partnership enables creators to receive stablecoin payouts directly through Stripe's Link service. This development positions Meta as a leading tech firm exploring stablecoins for real-world transactions, utilizing blockchain technology to facilitate global payments without relying on traditional banking systems.
The use of stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, is increasingly seen as a faster and more cost-effective payment method. This initiative also marks Meta's re-entry into the stablecoin space, after its previous attempt with the Libra token, which was later renamed Diem, was shut down due to regulatory scrutiny.