In a significant move, Meta, the parent company of Facebook and Instagram, has initiated a program to pay certain creators in stablecoins, marking a renewed foray into cryptocurrency-based payments. This development comes years after the company abandoned its Libra project. Currently, a limited number of creators in Colombia and the Philippines can access this feature, which allows them to link a cryptocurrency wallet and receive payments in USDC tokens on the Solana or Polygon blockchain networks.
Stripe, a prominent payments firm, is supporting this initiative by providing users with cryptocurrency-related reporting. As a result, creators may receive tax documents from both Meta and Stripe related to their earnings and digital asset transactions.
A spokesperson for Stripe confirmed the company's involvement in this project. The head of Link at Stripe, Jay Shah, stated that businesses can now use Link to send stablecoin payouts directly to customers. He added that Stripe is partnering with Meta to enable creators in countries like the Philippines and Colombia to receive stablecoins in their Link wallets. This news follows Meta's earlier efforts to collaborate with third-party vendors to facilitate stablecoin payments on its platforms, with Stripe being a leading contender for this integration.
By embracing stablecoins for real-world payments, Meta, with its vast user base of over 3 billion people worldwide, is joining the ranks of major tech companies experimenting with blockchain technology to transfer money 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 affordable payment method.
For instance, Visa reported that its stablecoin settlement network reached an annualized transaction volume of $7 billion, representing a 50% growth in just one quarter. This initiative marks Meta's return to stablecoins after its previous attempt to introduce the Libra token, later renamed Diem, which was shut down in 2022 due to regulatory scrutiny.