X Ponders Stablecoin Adoption for Creator Payments
Elon Musk's social platform X is exploring the use of stablecoins for creator payouts. According to a report by CoinDesk, X is discussing using stablecoins like $USDC to pay influencers and other content providers. This move comes as X changes its compensation model, phasing out its existing Revenue Sharing program in favor of the Original Content Rewards Program.
The use of stablecoins could help X handle creator payouts across different countries by enabling faster and potentially cheaper cross-border payments. Mark Zuckerberg's Meta has also begun paying select creators in $USDC on Solana and Polygon, reviving its stablecoin push after the collapse of its Libra/Diem project.
Chamath Palihapitiya, a venture capitalist, previously mentioned that SpaceX uses stablecoins to sidestep foreign exchange headaches tied to Starlink payments abroad. He stated that Starlink takes payments from customers in 'long-tail countries,' converts them into stablecoins, and eventually converts the assets back into US dollars.