Meta Launches USDC Payouts for Philippine Creators via GCash
Meta's stablecoin strategy has shifted from building its own currency to partnering with regulated providers. The company now lets Philippine creators cash out earnings in USDC through local wallets like GCash and Coins.ph, though they must handle peso conversion themselves.
Key Takeaway
Meta chose regulated infrastructure over proprietary systems, letting creators handle peso conversion themselves to avoid its Diem mistakes.
Meta Philippines launched a USDC stablecoin payout option for content creators, marking the company's first mainstream stablecoin integration after abandoning its Diem project in 2022.
Creators receive invitations through the Facebook app to accept payments in USD Coin, issued by Circle and processed on Polygon and Solana blockchains. The company tapped Stripe to handle backend settlement after a formal request for proposal process.
Filipino creators can receive USDC directly into GCash or Coins.ph wallets, bypassing traditional remittance infrastructure entirely. International wallet options include MetaMask and Binance for those who prefer broader crypto platform access.
The conversion process falls entirely on creators. Meta stated through its Business Help Centre that it does not offer native conversion from cryptocurrency to fiat. Creators must independently transfer stablecoins to a local exchange, convert to pesos, then withdraw to standard bank accounts.
Meta's partnership approach contrasts sharply with its failed Diem initiative, where the company tried to build proprietary stablecoin infrastructure and faced congressional opposition. Circle emerged as the logical partner: it's the only major stablecoin issuer that's both a publicly traded U.S. company subject to SEC reporting and MiCA-compliant in the EU through a French EMI license. Tether, the largest stablecoin, operates from the British Virgin Islands and has never completed a Big Four audit.
Creators receive standard earnings tax forms from Meta plus separate documentation from Stripe covering digital asset transactions, ensuring compliance with Philippine tax regulations. Coins.ph users can now convert USDC directly before withdrawing to local banks.
🇵🇭 Filipino Impact
GCash and Coins.ph users can now receive Meta creator earnings directly as USDC, eliminating traditional remittance delays and fees. Filipino creators must convert to pesos through PDAX or Coins.ph before withdrawing to local banks, since Meta won't handle fiat conversion.
This article was written based on reporting from Fintechnews.
