Elon Musk’s X Payments: Where’s Dogecoin? The Silence is Deafening! 🐶💸

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In the quiet corridors of the digital realm, where whispers of innovation flutter like autumn leaves, Elon Musk has embarked upon a journey with X Money—a venture once cloaked in the shadows of code-leak rumors. Yet, despite the echoes of anticipation that have reverberated through the years, the beloved Dogecoin remains conspicuously absent. Responding to a fervent fan account that heralded the arrival of “X Money soon,” Musk, in his characteristic enigmatic style, remarked: “This will be a very limited access beta at first. When people’s savings are involved, extreme care must be taken.” Ah, the irony! A man who has danced with rockets now tiptoes around the delicate matter of finances. 🕺💰

This proclamation, timestamped on the 25th of May, serves as a beacon, illuminating Musk’s readiness to unveil a real-world cohort to the long-anticipated payments layer within his “everything app.” A timeline, like a well-worn path, has been meandered since Musk acquired Twitter in 2022, rebranding it as X. X Money is envisioned as a comprehensive wallet and banking stack nestled within the social network, inching ever closer to the model of Tencent’s WeChat. Internal milestones suggest a broader rollout across the United States “later this year,” but Musk’s caveat—that initial testers will number in the low thousands—hints at a cautious approach, as engineers observe balances and transfers under the weight of real-world stress. 🧐

Yet, the cautious nature of this beta is not without reason; the regulatory chessboard looms large. X Payments has amassed money-transmitter licenses in 41 states and the District of Columbia, as per the company’s own disclosures. However, conspicuously absent from this list is New York, where the Department of Financial Services demands the notoriously burdensome BitLicense for any crypto-adjacent activity. Ah, the sweet taste of bureaucracy! 🍰

Earlier this month, two Manhattan lawmakers urged the DFS to deny X Money’s application, cautioning that Musk’s “pattern of reckless conduct” renders him unfit to handle consumer funds. “What we’re talking about is nothing less than Elon Musk becoming a permanent part of the country’s financial infrastructure—with access to enormous quantities of consumer data,” Assemblymember Micah Lasher lamented in a letter. One can only imagine the sleepless nights of those lawmakers, pondering the fate of their constituents’ savings. 😱

California, another heavyweight in the regulatory arena, granted its license in late 2024, paving the way for Visa to become X Money’s inaugural network partner. At January’s CES, X CEO Linda Yaccarino proclaimed that users would fund an in-app “X Wallet” instantly via Visa Direct, moving money to bank accounts in real time. She added that the Visa tie-in was “the first of many big announcements” for 2025. One can only wonder what other surprises await us in this grand saga! 🎉

No Dogecoin In Sight

For the crypto market, the lingering question remains: will Musk incorporate digital assets—especially his favored meme-coin, Dogecoin—into this new product? Sunday’s exchange offered no such hint; neither did Yaccarino’s Visa reveal. This silence echoes the messaging from January and stands in stark contrast to years of speculation that Musk would leverage Dogecoin to catalyze adoption. The suspense is palpable! 😬

If the limited beta proceeds without a hitch, X Payments anticipates expanding access state-by-state as remaining licenses are secured. The verdict from New York looms largest; success there would unlock Wall Street users and solidify X’s claim to national coverage. Even in the absence of Dogecoin and crypto rails, the service positions X to impose interchange and wallet fees—a new revenue stream for a platform still “barely breaking even,” as Musk candidly admitted to his staff in January. 💸

For now, Dogecoin remains on the sidelines, its fate intertwined with regulatory clarity and Musk’s own appetite for risk. Yet, with a live beta finally in motion, the window for decisive technical integration—be it fiat or otherwise—has swung open. The Dogecoin community will be watching every commit, every license approval, and every cryptic hint in Musk’s notoriously enigmatic replies. 🐕‍🦺

At press time, Dogecoin traded at $0.228.

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2025-05-28 04:14