X Dismisses Crypto Brokerage Plans Ahead of Feature Launch

Elon Musk’s social platform X is moving deeper into financial services with the upcoming launch of “Smart Cashtags,” a feature designed to improve how users track and reference stocks and cryptocurrencies. While rumors have circulated for months about X entering the trading space, executives have made one thing clear: the platform will not execute trades. Instead, it aims to enhance financial data visibility and asset identification.

Smart Cashtags Rollout Coming in Weeks, Says Executive

Speculation about X’s financial ambitions intensified after Musk acquired the company in 2022. Given his public support for Dogecoin, many in the crypto community expected full-scale digital asset integration. However, recent statements from leadership suggest a more cautious and infrastructure-focused approach.

Nikita Bier, X’s head of product, moved to clear up the speculation, stating that the platform will not execute trades or operate as a brokerage. Instead, he emphasized that X is focused on building financial data tools and linking users to external platforms. The clarification underscores that X aims to function as an information gateway rather than a trading intermediary.

Smart Cashtags aim to solve a persistent problem on Crypto Twitter: overlapping ticker symbols. Multiple tokens across different blockchains often share identical abbreviations, creating confusion and costly mistakes. The updated system will allow users to identify assets down to the exact smart contract, significantly reducing ambiguity.

The feature will include:

• Precise ticker identification linked to specific smart contracts.
• Dedicated in-app asset pages with price data, charts, and recent price movements.
• A unified feed aggregating posts related to a selected asset.
• Direct links to third-party trading platforms, without X processing transactions.

Bier said the rollout is expected “in a couple of weeks.” He also confirmed that users will eventually be able to trade stocks and crypto within their timelines via external partners, with all execution occurring off-platform.

X Money Nears Public Beta, But Crypto Integration Remains Unclear

X’s broader financial strategy extends beyond market data. Earlier this month, Musk shared updates on “X Money,” a payments product currently in internal beta testing. A limited public beta could follow in the coming months. Musk described it as a central hub for transactions within the app, signaling ambitions to transform X into a multifunctional financial ecosystem.

The structural groundwork is already underway. X Payments, a subsidiary of the company, has obtained money transmitter licenses in more than 40 U.S. states. However, regulatory challenges persist. Lawmakers in New York have reportedly urged regulators to reject the company’s license application, citing concerns tied to Musk’s government cost-cutting initiatives.

Despite ongoing speculation, there is no confirmation that X Money will incorporate cryptocurrency. Former CEO Linda Yaccarino previously stated that the service would launch in partnership with Visa, enabling users to connect debit cards for peer-to-peer payments. Her departure in July leaves some uncertainty around the product’s final design—but not around X’s growing financial ambitions.