Elon Musk’s X Considers Stablecoin-Based Payments for Influencers and Content Providers

Social media platform X is said to be in discussions to look into the ways through which stablecoins like the USDC of Circle Internet can be utilised for paying out royalties to content creators and influencers for uploading content, as per a report by CoinDesk. According to the official sources, the conversations with X are continuing. This person also collaborates with other social media platforms where they use stablecoins to make payments of commissions to influencers, as per the report. Stablecoins have turned into a key tool for blockchain-based transactions, which help facilitate faster and cheaper international payments.

Stablecoin Use Expands as X Revamps Its Creator Payment Model

The report further said that stablecoins that carry a total market capitalisation of more than $300 billion (roughly Rs. 28,716 crore) are increasingly becoming popular in the world of blockchain payments and help expedite cheaper cross-border transactions for individuals as well as big companies moving large amounts of money. Perhaps it's not surprising to see that the Elon Musk-owned company is considering stablecoins for royalty payments to content producers globally. It's also because Musk's SpaceX is already using stablecoins to receive payments from Starlink users, who use the satellite internet service provided by SpaceX in different emerging countries.

Musk hired an experienced crypto figure, Benji Taylor, to serve as the chief designer of X in March. Taylor, who headed up the design process for the Base blockchain at Coinbase Global, has experience in the areas of wallets and decentralised finance. X is redefining its payments to content creators through a recently released post, whereby it will replace its traditional Revenue Sharing model with a new one known as the Original Content Rewards Program.

At the same time, according to recent findings from PYMNTS Intelligence, despite growing consumer appetite for buying through the use of stablecoins and other cryptocurrencies, there are still limits due to issues of acceptance, trust, and varied payment experiences. Interestingly, the same study guided how to overcome these obstacles.

Stablecoins are already on the rise, as a recent report states that the adjusted transaction volume for stablecoins rose to its highest-ever level of $1.79 trillion (roughly Rs. 1,71,339 crore) in June, representing growth of 63 percent from May's $1.1 trillion (roughly Rs. 1,05,292 crore). June's all-time high in stablecoin transaction volumes beats the previous record high of $1.78 trillion (roughly Rs. 1,70,382 crore) in February, and this is 125 percent higher than last year, according to Visa's Allium-powered stablecoin analytics dashboard. The sudden surge in stablecoin transaction volume indicates increased use for various real-world use cases, such as making payments and transferring funds across borders.