BlockBeats News, August 20th - According to sources familiar with the matter, Elon Musk's social media platform X is exploring the use of stablecoins to pay content creators, including Circle's USDC. X is reportedly discussing how to use stablecoins to pay content licensing fees to influential users on the platform.

The source mentioned that the negotiations are still ongoing, with X simultaneously participating in tests on other social media platforms regarding projects that involve using stablecoins to pay commissions to internet celebrities and creators. X has not commented on this development yet.

Stablecoins currently have a total market capitalization of over $300 billion and have become a crucial tool in the blockchain payment space, enabling faster and lower-cost cross-border transactions. Musk's SpaceX has already started using stablecoins in certain markets to facilitate cross-border payments for the Starlink satellite internet service.

In March of this year, X hired crypto industry professional Benji Taylor as the Head of Design, responsible for X, xAI, and SpaceX-related businesses. Taylor previously led the design work for Coinbase's Base blockchain network and brings experience in wallets and DeFi.

Moreover, X is adjusting its creator incentive system, gradually replacing the long-running Revenue Sharing program with a new Original Content Rewards Program. This new program aims to reward creators who provide original viewpoints, expertise, reporting, creative content, and commentary for the platform.