SAN FRANCISCO — Social media platform X is exploring the use of stablecoins to pay content creators as the company revamps its creator compensation program.
According to CoinDesk, which cited a person familiar with the plans, X is in discussions about using stablecoins such as Circle Internet’s USDC to make royalty payments to influential users who post content on the platform.
The discussions remain ongoing, according to the person, who CoinDesk said also works with other social media platforms that are testing stablecoins for payments to influencers.
X did not immediately respond to CoinDesk’s request for comment.
The stablecoin sector has grown to a combined market capitalization of more than $300 billion, according to CoinDesk, and stablecoins are increasingly being used for cross-border payments because transactions can be faster and less expensive than some traditional payment methods.
Expansion Within Musk-Owned Businesses
The potential move would expand the use of stablecoins within businesses controlled by Elon Musk. SpaceX already uses stablecoins to collect some cross-border payments from customers of Starlink, its satellite internet service, CoinDesk reported.
X has also added executives with cryptocurrency experience as it develops its broader payments strategy. In March, Musk hired Benji Taylor, a former design executive at Coinbase’s Base blockchain network, as X’s head of design, according to CoinDesk. Taylor’s role also extends to xAI and SpaceX, and his background includes work involving digital wallets and decentralized finance.
Creating New Payments
The discussions come as X changes how it compensates creators.
The company recently announced it is phasing out its Revenue Sharing program and replacing it with the Original Content Rewards Program.
X said the new program is intended to reward creators who contribute original ideas, expertise, reporting, creativity and commentary to the platform.
CoinDesk did not report when X might decide whether to adopt stablecoin payments or when such payments could become available to creators.
