X Secures 40-State Licenses, Taps Visa for Beta Wallet Payments
X has secured money-transmitter licenses in over 40 states and partnered with Visa to beta test a peer-to-peer payment and high-yield savings wallet. Investor Chamath Palihapitiya forecasts stablecoin usage will soar, transforming social profiles into underwritten financial assets and driving new transaction volumes through Visa’s network.
1. Visa Partnership and State Licenses
X has obtained money-transmitter licenses in over 40 states and has formed a partnership with Visa to underpin its financial features. This agreement positions Visa to process transactions on X Money as the platform integrates payment services.
2. Beta Wallet Launch
X is running an internal beta of a wallet designed for peer-to-peer payments and high-yield savings, leveraging Visa's network for payment rails and security. The wallet aims to offer users direct digital currency storage and savings options.
3. Implications for Visa
Surging stablecoin usage forecast by investors could redirect yield towards users and increase on-platform transaction volumes. Visa stands to benefit from expanded payment flows and higher fee income as X transforms social profiles into financial assets.