Meta (Facebook) Is Returning to the Crypto Space After Years! An Official Statement Has Been Released; Two Altcoin Networks Will Be Used

Four years after the demise of its controversial Libra (Diem) project, technology giant Meta has made a quiet return to the stablecoin space.

The company announced on its website that it has launched a digital payment system for a limited number of content creators in Colombia and the Philippines. Payments are made using USD Coin ($USDC) via the Solana and Polygon networks.

Under the new system, content creators can receive stablecoin payments by entering their third-party crypto wallet addresses into Facebook’s payment platform. However, Meta does not offer any service for converting $USDC to local currencies. The company also partnered with Stripe for tax reporting processes related to stablecoin payments.

A Meta spokesperson stated, “We aim to offer the most suitable payment methods. Therefore, we are exploring whether stablecoins can become part of our payment options.” Stripe has not yet commented on the matter.

Meta’s move comes after the company’s previous attempt to enter the stablecoin space with the Libra project (later rebranded as Diem) was canceled in 2022 due to regulatory pressures. It was known that the company began re-evaluating its stablecoin efforts last year with the emergence of a more favorable regulatory environment in the US under the Donald Trump administration.

*This is not investment advice.