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Social Media Platform X Considers Stablecoin Payments

Social media platform X is reportedly considering paying influencers and content creators in stablecoins.

Media reports say that X, which is owned by Elon Musk, is in talks with Circle Internet Group (NYSE: $CRCL) about using its USDC stablecoin (CRYPTO: $USDC) to pay people.

Stablecoin payments would include royalties to content creators and influential users of the platform who regularly upload content.

A stablecoin is a cryptocurrency whose value is pegged to another asset, most often the U.S. dollar.

The stablecoin market has a market capitalization of more than $300 billion U.S. and stablecoins have become a popular form of blockchain payments.

Elon Musk’s other company, SpaceX (NASDAQ: $SPCX), already uses stablecoins to facilitate cross-border payments.

In March, Musk hired cryptocurrency veteran Benji Taylor as the head of design at X. Taylor has a background in digital wallets and decentralized finance (DeFi).

X is overhauling how it pays content creators, phasing out its long-running revenue sharing program in favor of a new system called the “Original Content Rewards Program.”

The social media platform is privately held after Elon Musk purchased it and its stock no longer trades on a public exchange.