Meta, the company behind prominent social media platforms like Facebook and Instagram, has initiated a program to pay certain creators in stablecoins, marking a renewed foray into crypto-based payments after putting its Libra project on hold. This feature is currently being rolled out to a select group of creators in Colombia and the Philippines.

To be eligible, users must link a cryptocurrency wallet, enabling them to receive payments in USDC, a stablecoin issued by Circle, on either the Solana or Polygon blockchain. The payments firm Stripe is providing support for this initiative, which includes handling crypto-related reporting for users. As a result, creators may receive tax documents from both Meta and Stripe related to their earnings and transactions involving digital assets. A spokesperson for Stripe confirmed the company's involvement in this project.

Jay Shah, who heads Link at Stripe, noted that businesses can now use Link to send stablecoin payouts directly to customers. He added that Stripe is already collaborating 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 emerging as a leading contender.

By embracing stablecoins for real-world transactions, Meta joins the ranks of large tech companies experimenting with blockchain technology to transfer funds globally without relying on traditional banking systems. Stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, are increasingly seen as a faster and more cost-effective method of payment. For instance, Visa reported that its stablecoin settlement network has reached an annualized transaction volume of $7 billion, representing a 50% increase over the previous quarter. This move marks Meta's re-entry into the stablecoin space after its previous attempt to launch the Libra token, later renamed Diem, was shut down in 2022 due to regulatory scrutiny.