Industry publication CoinDesk reports that Elon Musk’s X platform is investigating the use of stablecoins to compensate influential users and content creators. This move signals a potential integration of cryptocurrency into the platform’s creator economy.
Stablecoins Gain Traction
The stablecoin market currently boasts a total market capitalization exceeding $300 billion, positioning it as a significant tool for blockchain-based payments. Stablecoins offer advantages for both small businesses and multinational corporations looking for faster, lower-cost cross-border transactions.
Musk’s Crypto Ties Deepen
This exploration into stablecoin payments follows SpaceX’s previous adoption of stablecoins for cross-border payments from Starlink customers, particularly in emerging markets. Adding to the crypto focus, Musk hired crypto industry veteran Benji Taylor in March to lead X’s design efforts, with responsibilities also extending to xAI and SpaceX. Taylor previously played a key role in designing Coinbase’s Base blockchain network and possesses extensive experience in digital wallets and decentralized finance.
X Shifts Creator Payouts
Concurrently, X is revising its creator payout structure. The long-standing “revenue sharing program” will be phased out, replaced by a new “Original Content Awards” program. This new initiative is designed to recognize and reward creators who contribute original viewpoints, expertise, reporting, creativity, and commentary to the X platform.
