Tech giant Meta has begun stablecoin payouts to select creators. This signals a cautious return after its earlier high-profile retreat from the stablecoin sector.
The feature is currently limited to a select group of creators in Colombia and the Philippines. Eligible users can receive payments in USDC through supported crypto wallets on the Solana and Polygon blockchain networks.
Meta Selects USDC for Stablecoin Payouts
To access the service, creators must link a cryptocurrency wallet to the payout system. Notably, Meta does not offer built-in conversion services to local currencies, meaning recipients will need to rely on external platforms to convert their USDC to fiat if needed.
Meta has also teamed up with Stripe to handle certain crypto-related tax reporting requirements for stablecoin payouts.
The launch tracks earlier reports that Meta planned to re-enter stablecoins this year. The plan was always to use third-party integration rather than launch a proprietary token. Stripe was widely flagged as the leading integration partner.
Meanwhile, both networks chosen for the rollout publicly endorsed the integration. Polygon Labs CEO Marc Boiron told Fortune the program is expected to reach more than 160 countries by year-end.
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The Solana Foundation also welcomed the news. Head of product Catherine Gu framed Solana as a default settlement layer for internet-scale payments.
Meanwhile, the pivot also marks a clear break from Diem, the rebranded Libra project Meta scrapped in 2022. That effort collapsed after sustained pushback from lawmakers. This time, the company is plugging into existing infrastructure rather than issuing its own asset.
The post Meta Begins Stablecoin Payouts to Select Creators in Colombia and Philippines appeared first on BeInCrypto.
Source: https://beincrypto.com/meta-stablecoin-payouts-creators-colombia/
