X Exploring Stablecoin Payments for Influencers and Content Providers
Social media platform X is exploring the use of stablecoins to pay royalties to content providers and influencers, according to a person familiar with the plans. The company, owned by Elon Musk, is in talks to see how stablecoins like Circle Internet's USDC can be used for this purpose.
X is overhauling its payment system, phasing out its long-running Revenue Sharing program in favor of a new system called the Original Content Rewards Program. This new system aims to 'reward creators who bring original ideas, expertise, reporting, creativity, and commentary to X.'
The company's use of stablecoins is not surprising given Elon Musk's interest in cryptocurrency. His company SpaceX already uses stablecoins for cross-border payments from customers of Starlink, which provides satellite internet services in emerging markets.