Elon Musk continues to develop his vision of turning X into a premier super-app aimed to become a financial hub for users.
A Fintech Hub on the Horizon—But Where's Dogecoin?
According to leaked Financial Times documents, X is set to become a one-stop financial platform, offering users the ability to trade stocks, send and receive payments, and store value. However, there is no mention of Dogecoin, despite Musk's long-standing affinity for the cryptocurrency.
Regulatory Hurdles and the 41-State Challenge
X is already registered as a money transmitter in 41 U.S. states, covering about 80% of the population. However, without approval from major states like New York and Texas, the platform's capabilities will remain limited. In Europe, X also faces regulatory challenges concerning compliance with the Digital Services Act.
Crypto Partners and the On-Chain Finance Future
Visa has officially confirmed its role as X's fiat payments partner, but details regarding the cryptocurrency aspect remain vague. Discussions around the use of stablecoins have arisen; however, Dogecoin appears to be sidelined. This may relate to high regulatory risks or Visa's reluctance to engage with volatile assets.
The future of X hinges on the company's ability to meet regulatory requirements and build user trust, including whether it can eventually integrate Dogecoin into its financial services.
