Elon Musk's social network X is in negotiations regarding the use of stablecoins, reports CoinDesk. A source familiar with the situation told the publication that stable tokens, such as Circle's USDC, are being considered for paying royalties to popular users for their content.
Negotiations with X are ongoing, said the person, who also works with other social networks, testing stablecoin payments to influencers.
In early August, X introduced a user rewards program for original content, the Original Content Rewards Program. It is designed to "incentivize creators who bring original ideas, expertise, reporting, creativity, and commentary to X."
Under the rules of the new rewards program, creators who meet a number of X's requirements will receive money for unique views of their content by Premium subscribers. Payments will be made every two weeks starting August 28th.
X is not the first Musk project to consider the use of stablecoins. His other company, SpaceX, already uses stablecoins to process payments for its Starlink satellite internet services from other countries, the publication notes.
X does not plan to issue its own cryptocurrency. Musk stated in 2023, after the social network's rebranding from Twitter, that this would never happen.
