In a significant move, Meta, the parent company of Facebook and Instagram, has initiated stablecoin payments for certain creators, marking a notable return to crypto-based transactions after abandoning its Libra project. Currently, this feature is available to a limited number of creators in Colombia and the Philippines.
Eligible users can link their crypto wallets to receive payouts in USDC, a stablecoin offered by Circle, on the Solana or Polygon blockchain networks. Stripe, a leading payments firm, is providing support for this initiative, including crypto-related reporting for users. As a result, creators may 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 project.
Jay Shah, head of Link at Stripe, stated that businesses can now send stablecoin payouts directly to customers using Link, and the company is partnering 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 the help of third-party vendors to facilitate stablecoin payments on its platforms, with Stripe being a leading contender for the integration.
By adopting stablecoins for real-world payments, Meta joins the ranks of large tech firms experimenting with blockchain technology to transfer money globally without relying on traditional banking systems. Stablecoins, whose prices are pegged to fiat currencies, are gaining traction as a faster and cheaper payment method.
The move marks Meta's re-entry into the stablecoin space after its attempted launch of the Libra token, later renamed Diem, which was shut down due to regulatory scrutiny in 2022.