Elon Musk has quietly transitioned his “X Money” platform—previously surrounded by speculation due to leaked information—into a live testing phase. Despite years of anticipation, Dogecoin has yet to be integrated within this payments system. On Sunday, Musk responded to a fan’s inquiry, emphasizing that the beta rollout would initially have limited access, citing the utmost importance of safeguarding user funds. This statement signals Musk’s readiness to introduce the payment infrastructure within the “X” app to real-world users.
Envisioned as a comprehensive wallet and banking ecosystem, X Money aims to operate seamlessly within the social network, drawing parallels to Tencent’s WeChat model in China. While the platform has secured 41 licenses across various U.S. states, the critical New York license remains pending. The New York Department of Financial Services (DFS) imposes stringent BitLicense requirements for crypto-related activities. Adding to the challenge, two New York legislators have petitioned the DFS to reject X Money’s application, citing Musk’s perceived reckless behavior and questioning the platform’s ability to protect consumer funds.
Meanwhile, California’s approval has paved the way for Visa to become X Money’s inaugural network partner. X CEO Linda Yaccarino announced that users will soon be able to transfer funds instantly to their X Wallet via Visa Direct, with real-time transfers to bank accounts. However, clarity is still lacking regarding the inclusion of cryptocurrencies, particularly Dogecoin, within this infrastructure.
Following a successful initial beta, X Payments plans to expand gradually across more states, with New York’s approval being pivotal for accessing Wall Street clientele. Although Dogecoin is currently absent from the system, its integration will depend heavily on regulatory guidance and Musk’s willingness to assume associated risks. The beta launch has opened avenues for technical integration, with the Dogecoin community closely monitoring developments.
Presently, Dogecoin is trading near $0.228, and its future trajectory will largely hinge on forthcoming regulatory and platform advancements.
For a detailed analysis, please visit: https://bitcoinist.com/where-is-dogecoin-musks-x-payments-beta/
