In a notable move, Meta, the parent company of Facebook and Instagram, has introduced stablecoin payouts for its creators, marking a significant return to cryptocurrency-based transactions after abandoning its Libra project. This new feature is presently being offered to a limited number of creators in Colombia and the Philippines, as per information on Meta's website. Eligible creators can link their crypto wallets to receive payouts in USDC, a stablecoin by Circle, on the Solana or Polygon blockchain networks. The payments firm Stripe is providing support for this service, handling crypto-related reporting and potentially issuing tax documents to creators for their earnings and digital asset transactions.
A spokesperson from Stripe has confirmed the company's involvement in this initiative. Jay Shah, the head of Link at Stripe, stated, 'Businesses can now use Link to send stablecoin payouts directly to customers.
We are already collaborating with Meta to enable their creators to receive stablecoins in their Link wallets in countries such as the Philippines and Colombia.' This development follows Meta's earlier efforts to integrate stablecoin payments on its platforms with the help of third-party vendors, including Stripe. By embracing stablecoins for real-world transactions, Meta joins the ranks of large tech firms leveraging blockchain technology to facilitate global payments without relying on traditional banking systems. Stablecoins, with their prices pegged to fiat currencies, are gaining recognition as a faster and more economical payment method.
For instance, Visa has reported that its stablecoin settlement network has reached $7 billion in annualized transaction volume, with a 50% growth in just one quarter. This initiative marks Meta's re-entry into the stablecoin space after its previous attempt with the Libra token, later renamed Diem, which was discontinued in 2022 due to regulatory scrutiny.