Meta has initiated a program allowing content creators to receive their earnings directly into crypto wallets using the USDC stablecoin, operating on both Solana and Ethereum’s scaling network Polygon. This marks Meta’s initial venture into cryptocurrency payments following its 2022 discontinuation of the Diem project.
The payment system is compatible with popular wallets such as MetaMask, Phantom, and Binance, utilizing Stripe for technical infrastructure support. Currently, only creators in Colombia and the Philippines are eligible to receive stablecoin payouts.
In response to inquiries from Decrypt, a Meta spokesperson clarified that Meta is not issuing its own stablecoin but instead utilizing Circle’s USDC, which has a market cap exceeding $77 billion and ranks as the second-largest stablecoin. “Our goal is to provide the most relevant payment methods available, prompting us to consider how stablecoins might integrate into our options,” added the spokesperson.
Meta’s choice of markets for this initiative aligns with its strategy to test financial features in emerging regions where cryptocurrency adoption often surpasses traditional banking systems.
This move signifies a strategic pivot from Meta’s previous crypto endeavors. The company terminated its Libra project, later known as Diem, in 2022 amid significant regulatory challenges. Interest in stablecoins among U.S. companies has surged following the enactment of the GENIUS Act last year, which governs dollar-pegged crypto tokens.
According to Chainalysis, trading volumes for stablecoins could potentially reach $1.5 quadrillion by 2035, indicating a growing trust in digital dollar payment systems amongst traditional financial institutions.