Meta, the parent company of Facebook and Instagram, has embarked on offering stablecoin payouts to its creators, marking a resurgence in crypto-based payments after putting its Libra project on hold. This feature is currently being rolled out to a limited number of creators in Colombia and the Philippines, as per information available on Meta's website. Eligible creators can link their crypto wallets to receive payouts in USDC, a stablecoin by Circle, on the Solana or Polygon blockchain networks.

This initiative is supported by Stripe, a payments firm that will handle crypto-related reporting for users, who may receive tax documents from both Meta and Stripe pertaining to their earnings and digital asset transactions. A spokesperson from Stripe has confirmed their involvement in this project. Jay Shah, the head of Link at Stripe, mentioned that businesses can now make stablecoin payouts directly to customers using Link, adding that they are collaborating with Meta to enable creators in countries like the Philippines and Colombia to receive stablecoins in their Link wallets. This development comes after Meta sought assistance from third-party vendors to facilitate stablecoin payments on its platforms, with Stripe being a leading contender for integration.

By doing so, Meta, with its vast user base of over 3 billion across its social media platforms globally, is now among the largest tech companies to experiment with stablecoins for real-world payments, utilizing blockchain technology to transfer money globally without relying on traditional banking systems. Stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, are increasingly being seen as a faster and more cost-effective method of payment. For instance, Visa reported that its stablecoin settlement network reached an annualized transaction volume of $7 billion, marking a 50% growth in just a quarter. This move signifies Meta's return to stablecoins after its attempt to introduce the Libra token, later renamed Diem, which was shut down in 2022 due to regulatory scrutiny.