In a significant move, Meta, the parent company of Facebook and Instagram, has reintroduced crypto-based payments by offering stablecoin payouts to its creators. This development comes years after the company shelved its Libra project.
Currently, a limited number of creators in Colombia and the Philippines can access this feature, which allows them to link their crypto wallets and receive payments in USDC, a stablecoin issued 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.
The collaboration between Meta and Stripe enables businesses to send stablecoin payouts directly to customers using Stripe's Link service. This partnership marks a significant step for Meta, with its vast user base of over 3 billion people across its platforms, as it explores the use of stablecoins for real-world transactions. By leveraging blockchain technology, Meta aims to facilitate faster and cheaper payments, bypassing traditional banking systems.
The company's return to stablecoins follows its earlier attempt to launch the Libra token, which was later rebranded as Diem before being discontinued due to regulatory scrutiny in 2022.