X Modelling Itself After WeChat

Elon Musk is continuing his transformation of X into a multifunctional super app, modeled on Chinese like WeChat.

Following Musk's prior announcement of the beta testing for X money-a payment and banking app designed specifically for the platform-now X CEO Linda Yaccarino has announced a major transformation, saying

"Soon, you will be able to manage your entire financial life on the platform."

During her panel speech at the Cannes Lions Festival, Yaccarino revealed that soon users will be able to make investments and financial transactions directly from the app.

This expansion could also include a branded debit or credit card, according to a report by Financial Times. This in-app service will debut in the United States under the X Money banner, a wallet the company announced in January when it partnered with Visa to enable real-time transfers between bank accounts and in-app digital wallets.

In his X post on May 25, Musk noted that extreme care must be taken, especially when people's savings are involved.

The Integration of financial ecosystem into X is part of Muks' grand plan of transforming X into a western super app similar to WeChat. But Musk is threading with extreme caution.

A Logical Segway Into Crypto?

During her speech, Yaccarino hasn't confirmed whether cryptocurrency payments will be part of X’s upcoming financial ecosystem.

However, given Elon Musk's history with crypto, it seems reasonable that X could one day integrate crypto into its financial ecosystem.

Musk is well-known for his support for Dogecoin. In fact, his company Tesla currently holds 11,500 Bitcoin values at about 1.2 billion dollars.

Musk also previously hinted at a broader crypto adoption of crypto into his Tesla, saying that "At one point, DOGE could be used to buy Teslas."

This proximity fuels the idea that the financial services planned on X could, sooner or later, include these assets as well.

There Is Nothing stopping Stablecoins

While X’s crypto plans remain unconfirmed, the broader payments landscape is rapidly evolving. Visa, for example, is partnering with Yellow Card Financial to promote stablecoin adoption in Africa, facilitating over $6 billion in transactions since 2019.

In the U.S, JPMorgan Chase has filed a trademark for its JPMD deposit token, supporting a variety of crypto-related services and recently announcing plans to pilot JPMD transactions on Coinbase’s Base network.