Meta, the parent company of Facebook and Instagram, has initiated a stablecoin payout system for creators, marking a resurgence in its exploration of crypto-based payments following the discontinuation of its Libra project. This feature is presently available to a limited number of creators in Colombia and the Philippines, as per a statement on Meta's website. Eligible creators can link their cryptocurrency wallets to receive payments in USDC, a stablecoin issued by Circle, via the Solana or Polygon blockchain. Payments firm Stripe is providing support for this service, including crypto-related reporting for users, who may also receive tax documents from both Meta and Stripe related to their earnings and digital transactions.
A spokesperson from Stripe has confirmed the company's involvement. The head of Link at Stripe, Jay Shah, stated that businesses can now send stablecoin payouts directly to customers using Link, with Meta being one of the partners.
This development follows Meta's search for third-party vendors to facilitate stablecoin payments, with Stripe being a leading contender. By adopting stablecoins for real-world transactions, Meta joins the ranks of large tech companies experimenting with blockchain technology for global payments, bypassing traditional banking systems. The use of stablecoins, whose value is pegged to that of fiat currencies, is increasingly seen as a faster and more cost-effective payment method.
This move marks Meta's re-entry into the stablecoin space after its previous attempt with the Libra token, later renamed Diem, which was shut down due to regulatory scrutiny in 2022.