Meta quietly rolls out stablecoin payments four years after demise of controversial Libra project

Meta has reentered the stablecoin market. Four years after pulling the plug on an earlier attempt, the tech giant has quietly rolled out digital currency payouts for select creators in Colombia and the Philippines, according to an update to the tech giant’s website. The payouts are available on the Solana and Polygon blockchain networks and use the stablecoin USDC.

Creators who opt for Meta’s stablecoin payouts will be prompted to enter their third-party crypto wallet address into Facebook’s payout platform. Meta will not offer services to convert USDC into local currencies. Meta also partnered with Stripe for some crypto-specific tax reporting for the stablecoin payouts, according to the webpage. 

“We strive to offer the most relevant payment methods, which is why we are exploring how stablecoins could become part of our suite of options,” a Meta spokesperson told Fortune.

A spokesperson for Stripe confirmed to Fortune that it’s working with Meta.

The rollout from Meta follows the tech giant’s failed attempt to launch its own stablecoin through a project called Libra (later rebranded as Diem), which the company abandoned in 2022 after opposition from lawmakers and Congress. Last year, the company began to reexplor...