Meta Introduces USDC Stablecoin Payouts for Creators in the Philippines

Meta has launched a new payout option allowing eligible creators in the Philippines and Colombia to receive their platform earnings in cryptocurrency.

The program utilizes USD Coin (USDC), a stablecoin pegged to the US dollar, and processes transactions across the Solana and Polygon blockchain networks.

Mechanics of the Stablecoin Payouts

To participate, eligible creators must receive a Facebook app notification and link a compatible third-party cryptocurrency wallet to their Meta payout account.

The operational steps for creators include:

• Wallet Setup: Users must utilize a software application or exchange that supports USDC on either the Solana or Polygon networks. Meta’s official guidance lists local mobile wallets such as GCash (GCrypto) and Coins.ph, alongside international platforms like MetaMask, Binance, Bybit, Phantom, and Kraken.
• Address Integration: Creators must input their unique USDC wallet address into the Facebook payout system.
• Fiat Conversion: Meta does not provide native conversion services to turn USDC into local fiat currency. To convert earnings into Philippine Pesos, creators are required to transfer the USDC to a local crypto exchange, execute a trade, and withdraw the funds to a standard bank account or e-wallet.

Tax Reporting and Risk Management

Meta has partnered with financial infrastructure company Stripe to facilitate the backend of the crypto payouts.

• Tax Documentation: Creators will continue to receive standard earnings tax forms directly from Meta. Because the payouts involve digital assets, Stripe will also provide separate, crypto-specific tax reporting documents to the users.
• Transaction Finality: Meta’s guidelines strictly warn users that blockchain transactions cannot be reversed, refunded, or canceled. Users retain full responsibility for securing their private keys and wallet credentials.
• Alternative Payments: In the event of network instability or technical difficulties on the blockchain, Meta reserves the right to route payouts to a user’s designated alternative payment method.

The integration of USDC payouts marks Meta’s return to digital asset infrastructure following the closure of its previous proprietary cryptocurrency projects.

Meta previously launched a digital wallet named Novi, which successfully secured a Virtual Asset Service Provider (VASP) license from the Bangko Sentral ng Pilipinas (BSP) on December 31, 2021. However, operations in the country were brief. In September 2022, Meta officially shut down the Novi pilot globally, and the entity was subsequently removed from the BSP’s registry of licensed VASPs.

The closure of Novi coincided with the dissolution of Meta’s proprietary global stablecoin project, Diem (formerly Libra), which was abandoned due to sustained regulatory opposition in the US and Europe.

This article is published on BitPinas: Meta Introduces USDC Stablecoin Payouts for Creators in the Philippines

Disclosure: AI has been used to assist in developing the structure of this article.

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