In a significant development, 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 transactions. This move comes after the company previously abandoned its Libra project. Currently, a limited number of creators in Colombia and the Philippines can access this feature, which involves linking a cryptocurrency wallet to receive payouts in USDC tokens on the Solana or Polygon blockchain networks, with the support of payments firm Stripe. Stripe will handle crypto-related reporting and provide tax documents to creators.
The collaboration with Stripe enables Meta to facilitate stablecoin payouts directly to customers using Stripe's Link service. This development positions Meta as a leading tech firm exploring the use of stablecoins for real-world transactions, leveraging blockchain technology to transfer funds globally without relying on traditional banking systems. The use of stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, is gaining traction as a faster and more cost-effective payment method.
This initiative marks Meta's re-entry into the stablecoin space after its previous attempt with the Libra token, which was later rebranded as Diem before being discontinued due to regulatory scrutiny.