In a significant move, Meta, the parent company of Facebook and Instagram, has reintroduced cryptocurrency-powered payments by offering stablecoin payouts to creators. This development comes years after the company shelved its ambitious Libra project.
Currently, a limited number of creators in Colombia and the Philippines can link their crypto wallets to receive payouts in USDC, a stablecoin issued by Circle, on the Solana and Polygon blockchain networks. Payments firm Stripe is providing support for this feature, including crypto-related reporting for users, who may also receive tax documents from both Meta and Stripe. Stripe's involvement was confirmed by a company spokesperson.
The collaboration enables businesses to send stablecoin payouts directly to customers using Stripe's Link service. This move positions Meta, with its vast user base of over 3 billion people, as a major player in the tech industry experimenting with stablecoins for real-world transactions, leveraging blockchain technology to facilitate global payments without relying on traditional banking systems. Stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, are gaining recognition as a faster and more cost-effective payment method. The development marks Meta's re-entry into the stablecoin space after its previous attempt with the Libra token, which was later renamed Diem, was discontinued due to regulatory scrutiny in 2022.