Meta Platforms Inc. (NASDAQ:META) has begun offering payouts in USDC (CRYPTO: USDC) to a select group of creators, according to the company’s website.
Crypto Payouts In These Countries
The technology giant, known for its ownership of Facebook and Instagram, stated on its support page that the feature is currently available to “select creators” in Colombia and the Philippines. Eligible users can connect a cryptocurrency wallet and receive payments in the dollar-pegged USDC token on Solana (CRYPTO: SOL) and Polygon (CRYPTO: POL).
Meta also added a detailed guide for receiving these payouts, including information about wallets, addresses, and the risks associated with cryptocurrency transfers.
A Return Of Sorts
This move marks Meta’s renewed interest in cryptocurrency-powered payments, years after shelving the Libra project. The project faced strong headwinds from a less favorable regulatory climate and lingering reputational damage from the Cambridge Analytica scandal.
Earlier this year, Meta reportedly sent a request for product to third-party firms to help administer stablecoin-based payments and implement a new wallet.
Stripe, which had acquired stablecoin platform Bridge last year, was mentioned as a likely candidate for piloting Meta's stablecoin.
Meta Reports Strong Q1 Earnings
The decision to offer stablecoin payouts comes on the heels of Meta’s strong first-quarter performance. The company surpassed both revenue and earnings expectations, with notable spikes in impressions and daily active users.
The company, however, anticipated full-year capital expenditures of $125 billion to $145 billion, up from prior guidance of $115 billion to $135 billion.
Price Action: Meta shares were down 7.39% in overnight trading after closing 0.33% lower at $669.12 during Wednesday’s regular trading session.
META’s price trend is stronger in the short and medium term, but lags in the long term, according to Benzinga’s Edge Stock Rankings.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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