Elon Musk’s X explores stablecoins for creator payouts: Report

Elon Musk-owned social platform X is discussing the use of stablecoins like USDC to pay influencers and other content providers, CoinDesk reported Thursday, citing a person familiar with the discussion.

Talks are ongoing, and X isn’t alone. Its peers are also testing stablecoins as a way to pay influencers and content creators, according to the source. Mark Zuckerberg’s Meta has begun paying select creators in USDC on Solana and Polygon, reviving its stablecoin push after the collapse of its Libra/Diem project.

The report comes as X changes how it compensates creators. The platform recently said it would phase out its existing Revenue Sharing program and replace it with the Original Content Rewards Program, which aims to reward users who contribute original ideas, expertise, reporting, creativity and commentary.

In March, X hired Benji Taylor to lead design, with his role spanning X, xAI and SpaceX. Taylor previously worked at Coinbase’s Base blockchain and has experience in wallets and DeFi.

SpaceX taps stablecoins to cut cross-border payment friction

Stablecoins could help X handle creator payouts across different countries by enabling faster and potentially cheaper cross-border payments.

Venture capitalist Chamath Palihapitiya said in December 2024 that SpaceX was using stablecoins to sidestep foreign exchange headaches tied to Starlink payments abroad. Speaking on the All-In podcast, he said Starlink took payments from customers in “long-tail countries,” converted them into stablecoins and eventually converted the assets back into US dollars.

Palihapitiya said the setup helped SpaceX avoid foreign exchange exposure as well as the hassle and cost of sending international bank wires. He argued that stablecoins could become the main rail for cross-border payments in the US, putting pressure on banks and traditional payment networks.