Meta Launches USDC Stablecoin Creator Payouts on Solana and Polygon through Stripe – Decrypt

Meta has begun permitting content material creators to obtain earnings in USDC stablecoin on to their crypto wallets on Solana and Ethereum scaling community Polygon, marking the social media firm’s first foray into cryptocurrency funds since abandoning its Diem challenge in 2022.

The crypto cost system helps widespread wallets together with MetaMask, Phantom, and Binance, with Stripe serving because the funds supplier to deal with the technical infrastructure. Solely creators in Colombia and the Philippines are at the moment eligible for stablecoin payouts.

When reached by Decrypt, a Meta spokesperson emphasised that the agency is “not issuing a Meta stablecoin.” As an alternative, the corporate is tapping Circle’s USDC, the second-largest stablecoin with a market cap of over $77 billion.

“We try to supply probably the most related cost strategies, which is why we’re exploring how stablecoins might turn into a part of our suite of choices,” the spokesperson added.

The geographic choice displays Meta’s technique of testing monetary options in rising markets the place crypto adoption typically outpaces conventional banking infrastructure.

Meta’s stablecoin adoption represents a strategic reversal from its earlier crypto ambitions. The corporate shut down its Libra challenge, later renamed Diem, in 2022 after going through intense regulatory scrutiny. Stablecoin curiosity amongst U.S. corporations has grown considerably since final 12 months’s signing of the GENIUS Act, which regulates the dollar-pegged crypto tokens.

Chainalysis tasks stablecoin buying and selling quantity might attain $1.5 quadrillion by 2035, reflecting rising confidence in digital greenback cost rails amongst conventional finance gamers.