Meta Enters Crypto Payments with USDC Stablecoin Payouts

Meta has taken its first step into cryptocurrency payments since abandoning its Diem project in 2022. The company has rolled out USDC stablecoin payouts for creators in Colombia and the Philippines, with plans to expand to over 160 markets.

The feature allows eligible creators to link a third-party crypto wallet to Facebook's payout platform, receiving payments in Circle's USDC stablecoin settled on either the Solana or Polygon blockchain networks. Stripe is powering the payments infrastructure and will provide tax documentation for creators' earnings and digital asset transactions.

One key aspect of the feature is that Meta does not offer a built-in way to convert USDC into local currency, requiring users to use an external exchange for conversion. The rollout follows a year where Meta paid creators nearly $3 billion across its platforms, a 35% increase from the previous year.

The use of stablecoins in creator payments has been growing in popularity due to their ability to move quickly and at low cost without relying on traditional banking systems. Circle's USDC is currently the second-largest stablecoin by market cap, with Tether's USDT leading the market.