Stablecoin payouts for X influencers are under review, CoinDesk reports. SpaceX already takes Starlink fees in tokens. Crypto card spend: $18B a year.
Alpha Score of 35 reflects weak overall profile with weak momentum, weak value, poor quality, moderate sentiment.
X is weighing whether to pay influencers and creators in stablecoins, according to a CoinDesk report Thursday (Aug. 20). The report, citing a source who works with other social media companies testing stablecoin commissions, said X is exploring the approach. X has not responded to a request for comment.
Stablecoins have become a standard tool for cross-border payments, letting businesses settle faster and at lower cost, CoinDesk noted. The move would not be a first for an Elon Musk-owned company. SpaceX already uses the coins to collect cross-border payments from Starlink customers, who buy satellite internet service in emerging markets.
Musk in March hired Benji Taylor, a Coinbase veteran, as X's head of design. The hire links Taylor to both xAI and SpaceX, CoinDesk said. Taylor previously oversaw Coinbase's blockchain network and has a background in wallets and decentralized finance.
The stablecoin exploration comes as X overhauls how it pays creators. Earlier this month the company said it is shelving its revenue sharing system and replacing it with the 'Original Content Rewards Program,' which the company said is designed to 'reward creators who bring original ideas, expertise, reporting, creativity, and commentary to X.'
Separately, PYMNTS Intelligence research shows consumers are interested in using stablecoins and other cryptocurrencies for purchases, yet consumer choices remain limited by acceptance and trust, and by uneven payment experiences. The report 'From Asset to Everyday Money: Making Digital Currencies Spendable' suggests linking digital assets to existing payment tools, such as cards and banking apps. In that survey, 77% of consumers said they would open a crypto or stablecoin wallet through an existing banking or FinTech app.
The research found monthly crypto card spending rose about 15-fold from early 2023 to late last year, to an annualized rate of about $18 billion. Demand still outpaces use. For example, 42% of stablecoin holders want to make major purchases with digital assets, while only 28% do so.
'Cross-border business payments offer another near-term use case because stablecoins can lower costs, speed settlement and provide access to dollar-linked value,' the report added.
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