Under the leadership of Elon Musk, the social media platform X is taking another key step toward the cryptocurrency space. To address cross-border payment pain points for global content creators, X is actively exploring the introduction of stablecoins as a new channel for revenue sharing and distribution.
(CoinDesk) cited an insider as saying that X is evaluating how to use stablecoins such as USDC to pay content creators and users who publish content on the platform in exchange for revenue-sharing compensation.
This insider also said they are currently helping other social media platforms test stablecoin payment features. They noted that discussions within X regarding stablecoin payment functionality are still ongoing.
The overall market value of stablecoins has already exceeded US$300 billion, and they are gradually becoming an important foundational tool for blockchain payments. Compared with traditional cross-border payments, stablecoins are expected to reduce transaction costs and shorten settlement times. Both small businesses and multinational groups that need to transfer funds among overseas subsidiaries can all benefit.
In fact, the company led by Musk has turned its attention to stablecoins to address the issue of global creators’ revenue sharing, which is not surprising to people in the industry. Musk’s space exploration company, SpaceX, has long been charging customers in multiple emerging markets for services provided through the Starlink satellite network using stablecoins for cross-border accounts.
To drive this strategy, in March of this year Musk recruited Benji Taylor, a veteran in the cryptocurrency space, to serve as X’s design director. In the past, Benji Taylor led the design work for the Base blockchain network under Coinbase. He has extensive hands-on experience in crypto wallets and the DeFi field, and this staffing move is also seen as an important signal that X is embracing cryptocurrency payments.
Along with potential upgrades to its payment infrastructure, X has recently been adjusting the way it shares revenue with creators. According to the latest announcement, X will gradually phase out the long-standing “Revenue Sharing program” and replace it with a new system called the “Original Content Rewards Program.”
X says the new system is designed to reward creators who bring “original ideas, professional knowledge, interviews and reporting, creativity, and commentary” to the platform.
This article is republished with authorization from: (Blockcast)
Original title: (Musk’s X plans to introduce “stablecoin payments”; creators’ posts may be able to receive USDC directly)
Original author: Block Sister Mel
“Rumor: Musk’s X plans to introduce stablecoin payments! Global creators’ posts may receive USDC directly.” This article was first published on “Crypto City”