Social Media Platform X Considers Stablecoin Payments

Social media giant X, owned by Elon Musk, is reportedly considering a major shift in how it compensates influencers and content creators. The company is reportedly in talks with Circle Internet Group, the parent company of stablecoin issuer Tether, to potentially pay creators using Circle's USDC stablecoin.

This move would see X replacing its existing revenue sharing program with a new system called the Original Content Rewards Program. The new payment method aims to reward content creators and influential users who regularly contribute to the platform.

USDC stablecoins, which are pegged to the value of the US dollar, have gained popularity as a means of blockchain payments. The stablecoin market currently has a market capitalization exceeding $300 billion.

Musk, who also owns SpaceX, has already employed cryptocurrency expert Benji Taylor as the head of design at X. Taylor's experience includes working with digital wallets and decentralized finance.

The overhaul of X's payment system for creators is part of the platform's broader strategy to modernize its operations.