In a significant move, Meta, the parent company of Facebook and Instagram, has begun offering stablecoin payments to a select group of creators, signaling a renewed interest in cryptocurrency-based transactions. This development comes years after the company shelved its Libra project. Currently, the feature is available to a limited number of creators in Colombia and the Philippines, who can link their crypto wallets to receive payouts in USDC tokens on the Solana or Polygon blockchain networks, thanks to a partnership with Stripe. The payments firm will handle crypto-related reporting and provide tax documents to creators.
This collaboration enables Meta to leverage Stripe's expertise in facilitating stablecoin transactions, with creators in participating countries able to receive stablecoins directly into their wallets. The integration marks a notable step forward for Meta, with its vast user base of over 3 billion people across its platforms, as it explores the potential of stablecoins for real-world payments. By utilizing blockchain technology, Meta aims to provide a faster and more cost-effective payment method, bypassing traditional banking systems.
This initiative also represents Meta's re-entry into the stablecoin space, following its earlier attempt to launch the Libra token, which was later rebranded as Diem before being discontinued due to regulatory concerns.