Meta Adds Stablecoin Option for Ad Payments

Meta Introduces Stablecoin Payments for Advertising

Meta has implemented a feature allowing advertisers to pay for ads using the USDC stablecoin. This option is available through any stablecoin wallet that supports USDC, such as MetaMask, Coinbase, and Binance.

According to Meta's explanation, users can pay with USDC, where a third-party payment partner converts the stablecoin to local currency and settles the payment with Meta. The company then automatically adds the credit to the user's ad account balance. More details are available in Meta's help documentation.

Background on Meta's Cryptocurrency Involvement

Meta previously attempted to establish its own stablecoin, but faced challenges that led to the project's discontinuation. The company had explored options like Diem, following its failed Libra experiment.

Now, Meta offers creators the choice to receive payments in cryptocurrency as part of its monetization process. Additional information on this can be found in Meta's creator payment guidelines.

Meta clarified that it does not issue, sell, or custody stablecoins. Instead, the company partners with third-party payment providers to facilitate these payments.

When Meta introduced cryptocurrency payment options for creators earlier this year, it sparked speculation about a potential revival of its crypto initiatives. However, Meta does not appear to be pursuing its own in-app payment hosting, despite expanding external crypto options.

Broader Context in Cryptocurrency and Social Platforms

Cryptocurrency has seen a decline in mainstream appeal, shifting from promises of avoiding bank fees and creating community-controlled systems to concerns over security and limited recourse.

Conceptually, cryptocurrency payments could enable enclosed markets within social apps, allowing platforms to provide in-stream payments and banking services to increase user value.

X, for example, is pursuing this with its X Money system, recently made available to paying X users. Through X Money, the platform aims to become an all-in-one hub for social interaction, news, shopping, and bill payments. This model has succeeded in Asia, where apps like WeChat serve as key elements of digital identity, prompting U.S. social apps to consider similar approaches.

Meta's earlier efforts to build its own payments network were hindered by regulatory restrictions and insufficient consumer interest.

Potential Pathways for Meta's Payment Expansion

By supporting various cryptocurrency payment options, Meta may be exploring alternative routes to achieve similar goals. This development is noteworthy as like.tg continues monitoring social media platform updates, highlighting Meta's cautious re-entry into crypto-related features.