Elon Musk's X is exploring stablecoins to pay influencers and content providers

Social media platform X is in talks to explore how stablecoins, such as Circle Internet’s CRCL$83.78·At close USDC, can be used to pay royalties to influential users for uploading content, according to a person familiar with the plans.

The conversations with X are ongoing, said the person, who also works with other social media platforms testing stablecoins as a way to pay commissions to influencers.

Media representatives of X did not immediately respond to requests for comment.

Stablecoins, which boast a collective market cap of over $300 billion, have become a staple for blockchain payments, facilitating faster, cheaper cross-border transactions for everyone from small businesses to multinationals moving large amounts of money between subsidiaries.

It’s not so surprising the Elon Musk-owned company is looking to stablecoins to pay royalties to content providers around the world. Musk’s SpaceX already uses stablecoins to collect cross-border payments from customers of Starlink, which provides satellite internet services in various emerging markets.

In March, Musk hired crypto veteran Benji Taylor as the head of design at X, tying his role to both xAI and SpaceX. Taylor, who led design at Coinbase Global’s COIN$171.85·At close Base blockchain network, has a background in wallets and decentralized finance.

X is overhauling how it pays creators, as outlined in a recent post by the social media firm, phasing out its long-running Revenue Sharing program in favor of a new system called the Original Content Rewards Program.

The new program is designed to “reward creators who bring original ideas, expertise, reporting, creativity, and commentary to X,” the company said.