In a significant move, Meta, the parent company of Facebook and Instagram, has introduced stablecoin payments for creators, marking a renewed foray into crypto-based transactions after putting its Libra project on hold. This feature is currently limited to a select group 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. Payments firm Stripe is providing support for this service, including crypto-related reporting, and creators may receive tax documents from both Meta and Stripe regarding their earnings and digital asset transactions.
A spokesperson from Stripe confirmed the company's involvement in this initiative. Jay Shah, head of Link at Stripe, mentioned that businesses can now use Link to send stablecoin payouts directly to customers, and they are already working with Meta to enable creators in countries like the Philippines and Colombia to receive stablecoins in their Link wallets.
This development follows Meta's search for third-party vendors to facilitate stablecoin payments on its platforms, with Stripe being a leading contender. By integrating stablecoins for real-world payments, Meta joins the list of large tech firms leveraging blockchain technology to transfer money globally without relying on traditional banking systems. Stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, are gaining recognition as a faster and more economical payment method. For instance, Visa reported that its stablecoin settlement network achieved an annualized transaction volume of $7 billion, marking a 50% growth in just one quarter.
This initiative signifies Meta's return to stablecoins after its previous attempt to launch the Libra token, later renamed Diem, which was shut down in 2022 due to regulatory scrutiny.