Elon Musk’s X Reveals First Payments Details—But No Dogecoin (Yet) – Decrypt

The social media platform formerly known as Twitter will soon take one step closer to becoming Elon Musk’s “everything app,” with X’s long-awaited payments service set to debut later this year.

The service, dubbed X Money, will be offered through a partnership with Visa, X CEO Linda Yaccarino said on X Tuesday. The X account for the platform’s payment service bills itself as a solution “for all your money moves,” yet it does not reference cryptocurrency specifically. 

Yaccarino didn’t name drop Dogecoin either, but her post referenced peer-to-peer payments and an “X Wallet” offered via Visa Direct. Within crypto, wallets are synonymous with software for managing public and private keys, while peer-to-peer transactions are often a core feature.

The integration with Visa Direct will enable instant funding, peer-to-peer payments facilitated via debit cards, and the ability to instantly transfer funds to a bank account, Yaccarino said.

Visa Direct has been used in partnership with crypto firms before. In October, Visa announced that Coinbase would integrate Visa Direct as a funding method for the exchange’s accounts, allowing customers to purchase crypto with a Visa debit card or use it for cashing out.

Decrypt reached out to Visa for comment, but did not immediately receive a response.

Dogecoin’s price has jumped on speculation surrounding Musk’s companies for years. In 2022, the original meme coin’s price leapt after he floated Dogecoin as a possible payment method for premium X subscriptions, a service referred to as Twitter Blue at the time.

There’s also been considerable speculation in the past that Musk will build X’s payments infrastructure around Dogecoin, though this has never been confirmed.

A couple months after Yaccarino was appointed CEO in 2023, Musk’s platform was awarded money transmitter licenses from a handful of states. Since then, “X Payments LLC” has gained money transmitter licenses from 40 different states, as well as Washington D.C.

Trading hands at around $0.32 Tuesday, Musk’s favorite cryptocurrency has fallen notably from a three-year high of $0.48 in December. However, Dogecoin has held onto a significant portion of its post-election gains, with its price still doubling from $0.16 on Election Day.

Musk’s budding relationship with President Donald Trump has elevated Dogecoin’s presence within the mainstream, largely through references to Musk’s Department of Government Efficiency cost-cutting initiative, or DOGE, among a plethora of media organizations.

Last week, Dogecoin’s Kabosu mascot hit DOGE’s homepage, causing the meme coin’s price to spike. However, the gains were short-lived. Dogecoin’s price eventually fell when the coin’s logo was removed from the government-hosted website a day later.

Edited by Andrew Hayward