Right now, this is just for a few creators in Colombia and the Philippines. They’re doing it through Stripe, which works with Solana and Polygon, and are paying them in USDC.
Check this out for more info: here.
I think this is pretty significant, and I’m hoping it rolls out globally soon.
It would be awesome to see options like Bitcoin, but honestly, I doubt they’d go that route because of price swings. Still, I don’t see any downside if creators can pick how they want to be paid.
Banks hate to see it, however the creators might lose more on fees converting it into fiat than if they just received USD payments, idk.
But at least it's not CBDC and probably means there won't be one.
The content creators can choose bitcoin and convert it at anytime to stable coin or even fiat. It is highly disappointing that what bitcoin was created for, it is their inflationary and governmentally controlled fiat is what they are choosing. Many content creators will choose bitcoin and decide to convert it to fiat or stable coin if they want. Why should even stable coin be used, making people to think that bitcoin is not better. They should instead continue with just their fiat if bitcoin is not supported.
You're right, mate. It would be better if there was Bitcoin (BTC) & it shouldn't be a problem as long as the creators agree & understand the risks. They previously launched a crypto-related project, if I'm not mistaken, called Libra. That project didn't work out & ultimately failed. I hope this integration isn't just hype from Meta & can run as it should.
It seems that USDC is starting to be adopted by several US-based public service companies, which aligns with recent reports that USDC is reaching peak transaction volume.
Meta has had numerous legal compliant issues in the past, and I suspect any future escalation or changes to its business will only consider the most compliant options.
They are just considering these two countries as the testing phase, and according to part of the news which I was reading from Yahoo Finance, they target to reach 160 countries before the end of the year or within 1 year if things go as planned, and one thing which will limit the currency option will be regulation, just as they choose to use USDC over any other stablecoin, but with them, if it continues and they allow the use of other crypto, then Bitcoin might be among them.
Oh meta is finally trying to realize their idea to release the stable coin payment across their own platforms. i remember a few months ago they stated to fully support stable coin payment in all of their platforms such as FB, IG and WA. It's good to see they're starting with their creators. So we can expect to send stable coin directly to the another user in WA.
It's gonna be huge if it happens. However, they have also to focus on their income since their shares dumping more than 7% due to the decrease of their profit margin. Let's see how stable adoption can help them to pump their shares again.
At least, they become one of early adopters for the stable coin. Let's see how big impact they will give to the stable coin. hopefully, more to follow.
Its indeed a good news. Im already waiting for my first payout on my content creator.
The payment on USDC will save me some fees on converting fiat to crypto. What I wish for an update next time is to have an option for crypto payment on Meta ads.
This update might attract user to invest on crypto if they choose the stablecoins as payout.
This is great step for Meta to pay those creators from Colombia also in Philippines thru those payment channels. This really shows that there's big movement happening on mainstream and now they are allow to pay their creators via stable coin.
It would be good if Meta add Bitcoin option, but I understand that this is one step at a time and maybe this addition will happen soon. Allowing creators to choose their preferred currency for pay out and addition of USDC is one of best thing happened on Meta. Rooting to see for Bitcoin to be added soon.
I think that on the part of the content creators they will be happy to receive payment from Meta in any currency that they can spend and for me stablecoins is better than fiat because they can spend it online anywhere without any restrictions that can arise with their tradition currencies. We can argue that it should have been Bitcoin that Meta should pay them with because it is truly decentralized and borderless but I guess that Meta is also considering volatile of Bitcoin and that is why their preference is USDC which is a stablecoin.
I don't think that it is really a big deal if Meta pays it's content creators with a stablecoin if the content creators prefers Bitcoin all they have to do is swap it without any problems. Meta payments with USDC doesn't stop the adoption of Bitcoin. I believe that most Bitcoin holders didn't get paid in Bitcoin they swapped their stablecoins or fiat into Bitcoin.
choosing USDC on solana and polygon network is actually a very timely move, both technically and from a user experience perspective. it is fast, cheap and very stable. the biggest fear for creators is market volatility. and this system has eradicated that problem from the very beginning
this is probably the biggest explosion of stablecoin i have seen in real life so far. it would be great if it could spread all over the world. it would make it easier for million of creator to get paid in crypto
Charles-Tim is right that there would be more excitement if there was a bitcoin option. but meta's real target is mass adoption and a system that is super simple for all kind of user. most creators actually want to get paid properly and easily redeem it in local currency. cause most of them still do not know how to use Bitcoin properly or how to transact
i am actually wondering what it will be like when creators from different country convert this money and get into trouble with taxes! it remains to be seen how smoothly they can handle that space
all in all, even if it is not bitcoin, it is a silent revolution in the world of crypto payment, which could lead to bitcoin adoption in the future