Did you know that you can use a stablecoin to pay for Meta ads?
You can, with Meta supporting any stablecoin wallet that supports USDC, including popular cryptocurrency options like MetaMask, Coinbase, Binance, and more.
As explained by Meta: “You can use stablecoin (USDC) to pay for your ads on Meta. When you pay with USDC, a third-party payment partner converts your stablecoin to local currency and settles the payment with Meta, Meta then automatically adds the credit to your ad account balance.”
After trying for years to establish its own stablecoin option, Meta carefully waded back into the crypto market. Now the company offers creators the option to be paid in cryptocurrency as part of its creator monetization process and it also enables advertisers to pay for ads with crypto options.
Though Meta isn’t looking to launch its own stablecoin or get back into cryptocurrency itself after its failed Libra experiment.
“Meta does not issue, sell or custody stablecoins,” the company said. “We partner with third-party payment providers to enable stablecoin payments.”
When Meta introduced cryptopayment options for creators earlier this year, speculation rose that Meta could be looking to re-launch its crypto project and build its own hosted payments method in defiance of existing financial systems.
But Meta no longer appears to be looking to host its own in-app payments, despite offering expanded payment options through external crypto projects.
Cryptocurrency has lost its mainstream appeal. The initial promise of avoiding bank fees and building a community-controlled financial system has given way to security concerns and limitations in recourse.
Conceptually, cryptopayments could facilitate enclosed markets within social media apps. The platforms themselves could offer in-stream payments and even banking services, thereby enhancing their value to users.
That’s the angle that X is looking at with X Money, its in-stream payment system, which the platform recently announced is now available to paying X users.
Through X Money, X is hoping it will be able to establish itself as an all-in-one personal connection and engagement platform, facilitating social interaction, news access, in-stream shopping and bill payments.
That approach has been a big success in Asia, with apps including WeChat now forming a critical element of digital identity. This has prompted various U.S.-based social apps to explore the same.
This is probably why Meta tried to build its own payments network, however, regulatory restrictions, as well as lack of consumer interest, have limited its viability.
Maybe, by allowing different types of cryptopayment options, Meta can find an alternate way in. This could still lead to the same end goal, which is why it’s interesting to see the company carefully adding more crypto payment options.
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