Meta Stablecoin Move brings USDC payments to select creators
US tech giant Meta has launched USDC payments to creators on platforms in the Philippines and Colombia, with plans to expand to more markets.
Creators who choose the service receive payments directly into crypto wallets on Solana and Polygon blockchains. But Meta doesn't offer a built-in conversion option, so a foreign currency is needed to convert USDC to fiat currency, Wednesday's announcement said.
The service is currently only available to select creators in Colombia and the Philippines, but Polygon said Wednesday that the stablecoin rollout is expected to expand to more regions soon.
“Live in Colombia and the Philippines, coming to 160+ markets, users can now access dollar-denominated assets and get instant settlement with USDC,” Polygon said. “That's how creators' lives get better.”
Source: Polygon
Stablecoins have emerged as a key use case for crypto. Lamin Brahimi, co-founder and managing partner at crypto security provider Taurus, told Cointelegraph earlier this month that financial institutions across Europe are choosing infrastructure partners to support the adoption of stablecoins.
Facebook creators were paid $3 billion last year.
Creators who opt for Meta's stablecoin payment can connect their third-party crypto wallet to Facebook's payment platform. However, Meta said it “reserves the right to charge in the event of technical difficulties or unforeseen circumstances” with the alternative payment method.
Meta creators include influencers, educators and entertainers who earn money by posting content on company platforms such as Facebook and Instagram. Facebook will pay creators nearly $3 billion by 2025, a 35 percent increase from last year, the company said.
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Circle's USDC is currently the second largest stablecoin with a market capitalization of more than $77.3 billion as of Thursday, according to Defillama, a decentralized financial analysis platform. The market leader is Tether's USDt (USDT) with a market cap of $189.4 billion.
Meta's first stablecoin project was canceled in 2022.
The payments to the stablecoin creator come after the company canceled its open-source stablecoin project DEM in a dispute with regulators.
The project has faced opposition on privacy and antitrust issues. Central banks and lawmakers also objected, citing concerns about financial stability, consumer protection and the lack of a clear regulatory framework for crypto at the time.
In the year In a January 2022 statement, the project said that “it is clear from our discussions with federal regulators that the project cannot move forward” and all of its assets were sold to Silvergate Capital Corporation.
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