Meta Returns to Crypto Payments with USDC Pilot in Colombia and the Philippines

Meta has taken a step back into the cryptocurrency world, but this time with a more subtle approach. The company has started paying select Facebook creators in Colombia and the Philippines using USDC, a stablecoin pegged to the U.S. dollar.

The move marks a significant shift from Meta's previous attempt at launching its own cryptocurrency, Libra (later Diem). Instead of creating a new currency, Meta is now utilizing existing blockchain infrastructure to facilitate faster and cheaper cross-border payments.

Creators participating in the pilot receive payouts through Solana and Polygon, with the goal of reducing delays and fees associated with traditional payment methods. The process involves linking a cryptocurrency wallet, earning income from Facebook tools, receiving USDC payments, transferring funds to an exchange, and finally withdrawing the funds in local currency.

Meta is exploring stablecoins as part of its broader payment options, with the company working with Stripe to support tax reporting for these payouts. The rollout is focused on markets where getting paid can be slow and expensive, such as the Philippines, where many creators rely on cross-border income.