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. More From Cryptoprowl: 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).