Meta Reintroduces Stablecoin Payments for Creators with Stripe’s Partnership
Meta (META), the powerhouse behind platforms like Facebook and Instagram, has begun offering stablecoin payouts to select creators. This move marks a significant pivot back to crypto payments after the company abandoned its Libra project years ago.
Currently, this feature is accessible to a limited number of creators in Colombia and the Philippines. These users can connect their crypto wallets and receive payments in USDC, a stablecoin by Circle, through the Solana or Polygon blockchain networks.
This new service is backed by Stripe, which will handle crypto-related reporting for users. Creators can expect to receive tax documentation from both Meta and Stripe regarding their earnings and digital asset transactions. A representative from Stripe verified their role in this initiative.
The development follows Meta’s engagement with third-party vendors to facilitate stablecoin payments across its platforms. Stripe emerged as a leading choice for integration, according to reports from CoinDesk in February.
With over 3 billion users accessing its social media platforms worldwide, Meta is among the major tech companies venturing into stablecoins for real-world transactions. This approach leverages blockchain technology to enable global money transfers without traditional banking systems. Stablecoins, which maintain their value pegged to fiat currencies, are increasingly recognized as quicker and more cost-effective payment solutions. For instance, Visa announced that its stablecoin settlement network achieved $7 billion in annual transaction volume—marking a 50% increase within just one quarter.
This initiative signals Meta’s renewed interest in stablecoins after the controversial attempts to launch the Libra token, later renamed Diem, which ultimately faced regulatory hurdles leading to its cancellation in 2022.