In a recent post that garnered over 677,000 views, Nikita Bier, X's head of product, suggested that the launch of something new could be the solution to crypto's difficult year. This statement comes weeks before Elon Musk's X Money is set to go live, offering peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, all built in partnership with Visa.
Although details about the product are limited, it is confirmed to be fiat-based, with no explicit mention of crypto functionality. However, the hiring of Benji Taylor, Aave's former Chief Product Officer, has raised questions about potential overlap with crypto-focused areas such as instant payments and yield on dollar balances.
The ambiguity surrounding X Money's payments stack leaves room for speculation about whether it will compete with or integrate crypto rails, potentially using blockchain infrastructure without direct user exposure.