Elon Musk's X is exploring stablecoins to pay influencers and content providers
X is reportedly exploring the use of stablecoins to facilitate payments for its new 'Original Content Rewards Program' for influencers. This move aligns with Elon Musk's broader interest in blockchain-based financial services, similar to payment methods already utilized by SpaceX.
Why it matters
The integration of stablecoins into a major social media platform could significantly accelerate the mainstream adoption of cryptocurrency for cross-border creator compensation.
The conversations with X are ongoing, said the person, who also works with other social media platforms testing stablecoins as a way to pay commissions to influencers.
Media representatives of X did not immediately respond to requests for comment.
Stablecoins, which boast a collective market cap of over $300 billion, have become a staple for blockchain payments, facilitating faster, cheaper cross-border transactions for everyone from small businesses to multinationals moving large amounts of money between subsidiaries.
It’s not so surprising the Elon Musk-owned company is looking to stablecoins to pay royalties to content providers around the world. Musk’s SpaceX already uses stablecoins to collect cross-border payments from customers of Starlink, which provides satellite internet services in various emerging markets.
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