00:00 Speaker A
That’s not even the only stable coin stories of the day. We have a huge one right here.
00:04 Speaker A
Meta platforms pays some creators in stable coins. Now, I’m going to tell you what this really is. It’s a big headline and it will be meaningful because it will continue. But right now, this is creator payments launched only in Colombia and the Philippines. So this is a very small pilot. Interestingly, they chose to do this on Polygon and once again, Solana. I told you the story
00:39 Speaker A
about Western Union, the Pony Express guys trying to adapt adopt stable coins to not lose their entire business. Well, they did that on Solana as well. and we’re really seeing a battle between chains for where stablecoin adoption will happen. But it’s a bigger story here with meta. First of all, YouTube did this with the Ethereum based PayPal stable coin P Y S D in December. Now, I will never understand how you call something P Y S D.
01:13 Speaker A
If it was my show in the morning, I would spell it out and say it for you, but I encourage you to do that at home and wonder what it sounds like.
01:21 Speaker A
That’s what PayPal decides to name their token, PYD. Well, now Meta being forced to do the same. On YouTube, if you are a creator, you can get paid in almost real time in stable coins, in dollars instead of your local currency. It’s so much easier than having to give them your banking information and for them to wire you money. It’s it’s just clunky. that’s a antiquated system that nobody should be using. Meta’s getting on board here. This will extend beyond the Philippines and Colombia inevitably. and you may remember that there’s a long story history of meta with stable coins. They four years ago, I believe, tried to launch Libra, which was basically a private stable coin owned by meta. It was rebranded to DM. They had everyone on board, but Congress and the government said, absolutely not, we’re not allowing meta to print money.
02:26 Speaker A
So, with the recent genius act, and this is credit to Austin Campbell on my show this morning, they basically said, just like JP Morgan can’t be a social media company, a social media company can’t pretend to be JP Morgan. So, in this case,
02:49 Speaker A
companies like Google and meta are not allowed to mint their own coins, but what they can do in this case is use USDC, adopt other stable coins and use them for payments. That’s what’s happening here. This really wraps the bow on a very long, arduous history of meta with stable coins. And once once again, I think that this will grow massively. You’ve seen the adoption of stable coin, I’ve shown you the charts. That’s what’s coming.
