Meta Integrates USDC Stablecoin for Creator Payouts
- Meta has started paying select creators in the Philippines and Colombia using USDC stablecoin.
- Creators can receive payments on the Solana or Polygon blockchains by linking a third-party crypto wallet.
- USDC is the second-largest stablecoin, with a market cap exceeding $77 billion, while Tether’s USDT leads with over $189 billion.
- Meta plans to expand this feature to more than 160 markets soon.
- In the previous year, Meta paid nearly $3 billion to its creators, marking a significant increase of about 35% from the prior year.
The rollout of USDC payouts reflects Meta’s renewed interest in digital currencies after past challenges with its Diem project. By utilizing an established stablecoin like USDC, Meta aims to streamline transactions and offer dollar-denominated assets to creators outside the U.S., enhancing their financial options without developing its own currency.
This initiative highlights Meta’s strategic move to leverage existing blockchain technologies for creator compensation, potentially broadening its market reach and improving transaction efficiency for international users. (Source)
