Tech behemoth Meta (META), the company behind Facebook and Instagram, has initiated a pilot program offering stablecoin payments to select creators. This move marks its return to cryptocurrency transactions following the discontinuation of its Libra project years ago.
Currently available in Colombia and the Philippines for certain eligible creators, this service enables users to link their crypto wallets and receive payouts in Circle’s USDC token via either Solana or Polygon blockchain networks, as stated on Meta’s website. Payment processing firm Stripe will provide crypto-related reporting services for these transactions. Creators are expected to obtain tax documents from both Meta and Stripe related to their earnings and digital asset dealings.
Stripe has confirmed its involvement, highlighting a collaboration that began when Meta approached third-party vendors in February 2023, as reported by CoinDesk, with Stripe emerging as a primary partner for stablecoin payment integration.
Meta’s initiative places the company among the largest tech firms utilizing stablecoins for real-world payments, leveraging blockchain to facilitate global transactions without traditional banking systems. Stablecoins—cryptocurrencies pegged to fiat currencies—are gaining traction as faster and more cost-effective payment methods. For instance, Visa has reported that its stablecoin settlement network reached $7 billion in annualized transaction volume, marking a 50% increase within a single quarter.
This program signifies Meta’s renewed interest in stablecoins after the cessation of the Libra project (renamed Diem) due to regulatory pressures in 2022. Stripe has been increasing its focus on blockchain and stablecoins with ambitions to become a leading money platform akin to ‘AWS for money.’