[CLSTR]
< Back to situations

Monitor this situation.

[SITUATION] · [QUIET] · [BUSINESS]

2 clusters · 2 sources · 19 days · First seen · Last updated

X platform financial services expansion

Overview

Elon Musk’s X platform has begun expanding its financial services through the launch of ‘X Money’ in the United States. Initially available to X Premium and Premium+ subscribers, the digital wallet offers payment, banking, and debit card services via a partnership with Visa and Cross River Bank. The service allows users to store and transfer money, earn interest, and receive cash-back rewards.

Following this rollout, X has explored integrating stablecoins, such as USDC, to facilitate payments to content creators. This potential shift aims to provide faster and more cost-effective cross-border transactions compared to the current system of settling rewards through Stripe Express Accounts or X Money accounts. Implementing a stablecoin model could significantly impact USDC liquidity and on-chain activity if used to manage bi-weekly payments for the platform’s global creator base.

Entities

Elon Musk · Visa · Stripe · Cross River Bank · X (social media platform)

Timeline

  1. 22 days ago

    [TECHNOLOGY] 2 sources
    X explores stablecoin integration for content creator payments

    X is exploring the use of stablecoins like USDC to pay content creators, aiming for faster and cheaper global payouts and supporting its evolution into an everyday payments app.

  2. about 1 month ago

    [BUSINESS] 2 sources
    X Money digital wallet launches in the United States

    X launches its X Money digital wallet in the U.S., offering a Visa‑linked debit card, interest‑bearing balances, cash‑back and free instant transfers, backed by Cross River Bank.

Sources

bitcoinethereumnews.com · coinedition.com