Elon Musk‘s social media platform X is undergoing another transformation, with plans to roll out a new payments system called X Money later this year.
While Musk has previously hinted at introducing a payments feature on the platform, the idea was officially confirmed by CEO Linda Yaccarino in a post on X on 31 December.
Although a specific launch date for X Money has not been announced, the platform has been transparent about its progress. X Payments LLC has already secured money transmitter licences in 33 states, making significant progress toward making the service a reality.
However, key markets like New York, one of the country’s most lucrative financial hubs, are still without licences, along with several other states including Alaska, Delaware, Hawaii, Indiana, Massachusetts, Minnesota, Montana, Vermont, Washington and Wisconsin.
Speculation about an early launch intensified on 2 January, when influencer Alex Finn leaked X code, suggesting that Musk might introduce the feature even before securing licences in every state.
Since acquiring the platform in 2022, Elon Musk has implemented numerous changes, including renaming Twitter to X, enabling creators to monetise their engagement, and introducing its own AI assistant, among other updates.
Musk’s vision for the platform appears to align with creating a “Super App” similar to China’s WeChat, which allows users to message, shop and transfer money.
While details remain uncertain, many, including Finn, speculate that cryptocurrency could play a significant role in X’s payment plans. Finn noted, “Crypto will probably be a good amount of rails for payments.”
Musk has long been a vocal supporter of cryptocurrency, particularly Bitcoin and Dogecoin. However, some speculate that stablecoins like USDC may be more practical for everyday transactions.
Fueling the idea of crypto integration over traditional fiat currency is Musk’s connection to US President Donald Trump, who has shown support for cryptocurrency and could potentially foster a favourable regulatory environment for Musk to implement such plans.
