Meta has reentered the stablecoin market. Four years after pulling the plug on an earlier attempt, the tech giant has quietly rolled out the 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.
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