Meta Begins Stablecoin Payouts to Select Creators in Colombia and Philippines
Tech giantMeta 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. “As stablecoin payments involve digital assets, you may also receive specific crypto-related reporting directly from Stripe. We recommend keeping both your Meta payment history and your Stripe records for your tax filings,” the webpage reads. 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