Meta Platforms Introduces USDC Payouts for Creators on Solana and Polygon
- Meta is currently in beta testing a payout system using stablecoins, specifically USD Coin (USDC), for creators in Colombia and the Philippines.
- Creators can receive their earnings almost immediately, avoiding delays associated with bank deposits or cross-border payments.
- Users must manually input a third-party wallet address into Facebook’s payout system, which may be challenging for newcomers to cryptocurrency.
- Meta has partnered with Stripe to address compliance and tax reporting issues related to crypto payments.
- Unlike its previous initiative, Libra, which was shut down due to regulatory challenges, Meta is now utilizing existing stablecoin technology.
This new feature represents Meta’s strategic shift towards leveraging established blockchain solutions while minimizing direct involvement in financial services. The integration of USDC aims to streamline creator payouts and enhance user experience.
With this beta launch, creators can expect faster access to funds compared to traditional methods, marking a significant advancement in digital payment options within social media platforms. (Source)
