Meta Reenters Digital Currency Space with Stablecoin Payouts

Meta's latest move into the world of digital currencies sees the introduction of stablecoin payouts for creators on the Solana and Polygon blockchain networks. This development marks a significant shift for the tech giant, which had previously canceled its Libra project in 2022.

The service utilizes the USDC stablecoin, allowing creators to receive payments in a stable value asset. To access this feature, users must connect their third-party cryptocurrency wallet addresses to the Facebook payout system. Meta has stated that it will not provide internal services to exchange USDC for local fiat currencies, instead relying on partner Stripe to handle crypto-related tax reporting.