Despite speculation fueled by Elon Musk’s vocal support for Dogecoin (DOGE), regulatory documents indicate that Musk’s plans for a payments service do not currently include digital tokens, according to a Bloomberg report. The documents reveal plans for a subsidiary called X Payments, which has obtained money transmitter licenses in 28 states and is seeking approval in the remaining ones. X Payments is expected to offer a service similar to Venmo or Zelle, providing a new way for users to handle payments on the platform.
While the integration of cryptocurrencies could happen in the future, Dogecoin supporters remain hopeful. However, the precise objectives of X Payments remain somewhat ambiguous based on the documents and statements from Musk and Twitter CEO Linda Yaccarino.
Yaccarino recently emphasized the transformative potential of Twitter’s upcoming payments functionality. “We are actually redefining what users will come to rely on,” she said. “The scope of our vision, and the pace of the innovation at the company, is like nothing I can describe.”
Despite the absence of immediate crypto integration, Musk’s enthusiasm for digital currencies remains evident. His tweets have previously caused significant price movements in Dogecoin, and Tesla once held a substantial Bitcoin stash. Musk has also reportedly spent years exploring the potential for crypto payments.