The social platform X is preparing to become a full-fledged financial ecosystem, according to the company's CEO Linda Yaccarino in an interview with the Financial Times. As early as 2025, 600 million users of Elon Musk's platform will be able to not only communicate, but also carry out financial transactions directly on the app.
From Social Network to Financial Supermarket
Yaccarino makes no secret of her ambitions: users should be able to 'manage all of life's transactions on the platform' - from sending money to managing investments. This sounds like an ambitious project, especially considering that the company is also considering launching its own X-branded credit or debit card, perhaps as early as this year.
X chief executive Linda Yaccarino has said that users will 'soon' be able to make investments or trades on the social media platform https://t.co/s2yyu0k0gh pic.twitter.com/74EsoGDOEP
- Financial Times (@FT) June 19, 2025
The plans for financial services did not come from nowhere. Musk has already confirmed that the X Money app for payments and banking services is in beta testing. In May, he wrote on the official X account that 'we have to be extremely cautious' during the pilot phase, because 'we are talking about people's savings'.
The official X Money account lists 2025 as the launch year, and Yaccarino herself confirmed that the payments app will debut in the US first. She spoke of "an entire commercial and financial ecosystem".
Cryptocurrencies Remain Out of Conversation
Curiously, neither Yaccarino nor Musk have so far confirmed whether cryptocurrency payments will be part of X's financial ecosystem. This is particularly interesting given Musk's well-known support for Dogecoin, the popular canine-themed cryptocurrency launched in 2013.
In March 2024, Musk stated that DOGE could be used to buy a Tesla "sooner or later", but without giving a precise timeline. Cryptocurrency enthusiasts have interpreted these words as a sign that crypto payments could be integrated into all of the entrepreneur's businesses. However, X remains silent on the integration of digital assets for now.
In the meantime, the global scenario is rapidly evolving. Global fintech companies and institutions are adopting blockchain technology. PayPal, for example, has launched its own stablecoin, PYUSD, with the aim of simplifying digital transactions. Mastercard is also testing tokenized settlements on multiple blockchains to improve the efficiency of cross-border payments.
Other companies are moving towards cryptocurrency payments. Visa is promoting the use of stablecoins in Africa through a partnership with Yellow Card Financial, a payments processor that has handled over $6 billion in transactions since 2019.
Cryptocurrency payments are also attracting interest from major US institutions. JPMorgan Chase has filed a trademark application for its JPMD deposit token, which enables several cryptocurrency-related services. The bank has announced plans to test JPMD transactions using Coinbase's Base network on 17 June.
