Meta, the social media giant behind Facebook and Instagram, has begun offering stablecoin payments to creators, marking its return to the cryptocurrency payments space after shelving the Libra project for years.
According to reports, this feature is currently available only to selected creators in Colombia and the Philippines. MetaSite eligible users can link their crypto wallets and receive payments in USDC tokens issued by Circle on the Solana or Polygon blockchain networks.
This service is powered by the payment company Stripe, which will provide users with reports related to cryptocurrency. Creators may receive tax documents from both Meta and Stripe regarding their income and digital asset transactions. A spokesperson for Stripe confirmed the company’s involvement.
Previously, Meta sought assistance from third-party vendors to manage stablecoin payments on its platform, with Stripe being one of the main candidates for integration, according to CoinDesk. Reported in February.
This move places Meta, which has over 3 billion users on global social media platforms, among the largest tech companies attempting to apply stablecoins to real-world payments. Meta uses blockchain technology to transfer funds to users worldwide without relying on traditional banking systems. Stablecoins—cryptocurrencies pegged to the value of fiat currencies—are increasingly seen as a faster and cheaper payment method. For example, Visa...according to reports its stablecoin settlement network has reached an annualized transaction volume of $7 billion, a 50% increase in one quarter.
This move marks Meta's return to the stablecoin space following its attempt to launch the Libra token (later renamed Diem), which was shut down in 2022 due to regulatory scrutiny.