Seeds of Wisdom RV and Economic Updates Wednesday Morning 1-29-25
Good Morning Dinar Recaps,
ELON MUSK’S X PARTNERS WITH VISA TO BUILD FUTURE PAYMENT SYSTEM WITH X MONEY
X CEO Linda Yaccarino announces a groundbreaking partnership with Visa for X Money, enabling real-time fund transfers and debit card connectivity as the platform expands into financial services.
▪️X has secured money transmitter licenses in over 40 states and FinCEN registration, laying groundwork for comprehensive financial services.
▪️The platform will allow users to fund X wallets via Visa Direct, highlighting Musk's strategy to transform X into an all-encompassing service.
▪️While promising innovative features for creators and users, the platform faces scrutiny over potential financial control and social credit concerns.
Elon Musk’s social media platform X has partnered with Visa to manage person-to-person payments for its upcoming X Money product. X CEO Linda Yaccarino announced that the partnership is the first of many major announcements related to X Money this year.
Yaccarino shared that Visa is the first partner for the X Money account, which is expected to launch before year’s end.
She explained that Visa will allow the platform users to fund their X wallets via Visa Direct, connect their debit cards for person-to-person payments, and transfer funds instantly to a bank account.
On December 31, the X CEO hinted at what users can expect this year, saying, “2025 X will connect you in ways never thought possible. X TV, X Money, Grok and more.”
Visa confirmed the partnership in a post, noting that it will enable U.S. X Money Account users to fund their accounts and transfer money in real-time using their debit cards through Visa Direct. The company stated:
“We’re excited to partner with XMoney on the launch of X Money Account. Visa Direct will make it possible for US X Money Account users to fund and transfer money in real-time with their debit card.”
Musk’s Plans to Evolve X Into an All-in-One Platform
Elon Musk has shared his vision of transforming X from a social media platform into an “everything app.” He has promised to make X a platform where users can conduct their financial activities.
This collaboration with Visa signals a step toward realizing that vision. While the launch date for X Money remains unknown, more partners may join. According to CNBC, one of the initial uses for X Money will be enabling creators to receive payments and store funds independently.
In November 2022, Musk hinted during a publicly broadcast meeting with advertisers on Spaces that the platform’s upcoming payments product could eventually include banking features, such as a high-yield money market account.
X has successfully obtained money transmitter licenses in more than 40 states for its X Payments subsidiary and is registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Service Business (MSB). App researchers have discovered code linked to X Money that outlines features like loading money into a wallet on the platform and making payments to other users.
Concerns Over X’s Financial Ambitions
Despite the excitement around X Money’s potential, there are concerns about the platform’s growing financial reach. Dominic Michael Tripi, a commentator with over fifty thousand followers on X, raised doubts about X’s control over user finances.
He pointed out that if the platform can take actions like removing a user’s verification checkmark or suspending an account, it could potentially control access to users’ funds. He wrote:
“If they can take away your checkmark or suspend your account, they can take away your money. This is a precursor to a social credit system.”
@ Newshounds News™
Source: CoinSpeaker
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BRICS: SAUDI ARABIA MEMBERSHIP DECISION TO IMPACT 2 KEY THINGS
Out of the nations that BRICS invited to join the bloc in 2023, Saudi Arabia is one of the few that hasn’t officially joined yet. The Kingdom has been weighing the decision to join the alliance for over a year, with major geopolitical implications in the balance.
Faisal Al-Ibrahim, Minister of Economy and Planning, explained during the World Economic Forum in Davos that the kingdom is prioritizing a thoughtful approach to the decision, and doesn’t want to rush.
He stated that the country remains focused on the goal of “global dialogue” and carefully examines the “numerous aspects” related to a potential membership. According to him, this decision goes beyond economic considerations and involves complex strategic implications.
“The risks to economic cohesion, fiscal robustness, lingering inequalities, and energy access are not unconnected and affect us all,” the minister writes. “As such, tackling them demands bold, collaborative action and solutions.”
Al-Ibrahim also added at the forum,” “The kingdom is always focusing on fostering more global dialogue,” and that the Kingdom will come to an “appropriate decision.”
How Will Saudi Arabia Joining BRICS Affect the Alliance and Kingdom?
The BRICS alliance will get a boost in the arm if Saudi Arabia accepts the invitation and joins the bloc. Saudi Arabia is rich in cash flow and can fund the projects of the New Development Bank (NDB). The Kingdom is also oil-rich and can allow BRICS to control nearly 42% of the world’s natural oil sector.
On the other hand, Saudi Arabia does not want to sever ties with the West by joining the BRICS alliance. The Middle Eastern country wants to maintain a balance between the West and other developing countries. Riyadh is deeply interested in strengthening economic and diplomatic relationships with other major powers.
Most importantly, China is Saudi Arabia’s top trading partner, and Riyadh is the main supplier of crude oil to Beijing. These ties have only grown as the kingdom pursues its Vision 2030 plan to diversify its economy.
The success of its Vision 2030 needs the help and assistance of all countries combined. Losing one for the other would prove costly to Saudi Arabia’s economy.
In conclusion, Saudi Arabia’s decision to join or not to join BRICS will have plenty of implications not just on the Kingdom or the alliance, but several geopolitical outcomes. The Kingdom continues to weigh its options, and likely will not rush to a final decision.
@ Newshounds News™
Source: Watcher Guru
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ONDO TO BRING TOKENIZED US TREASURYS TO XRPL
Ondo Finance said Tuesday (Jan. 28) that it will bring tokenized U.S. Treasurys to the XRP Ledger (XRPL).
This collaboration will offer institutional investors access to Ondo Short-Term U.S. Government Treasuries (OUSG), which are backed by the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) and can be instantaneously minted and redeemed at any time using the Ripple USD (RLUSD) U.S. dollar-denominated stablecoin, the companies said in a Tuesday (Jan. 28) press release.
“This integration is the natural convergence of a compliance-first, yield-bearing product with a network purpose-built for institutional adoption, setting the groundwork for forward-thinking institutions to lead a new era of capital markets onchain,” Ondo Finance Vice President of Partnerships Katie Wheeler said in the release.
Ondo and Ripple have secured commitments to seed OUSG liquidity upon deployment, according to the release.
The companies’ collaboration will meet institutional demand for tokenized U.S. Treasurys that offer liquidity, efficiency and transparency in capital markets, the release said.
Bringing OUSG to XRPL will provide a solution that provides institutional-grade security, accessible liquidity, and seamless tokenization and trading of real-world assets (RWAs), per the release.
“The 24/7 intraday settlement enabled by tokenized assets like OUSG marks a transformative shift in capital flow management, breaking free from traditional trading hours and slow settlements,” Markus Infanger, senior vice president, RippleX, said in the release.
The tokenization of RWAs has captured the imaginations of various players across payments, finance and commerce because it has the potential to make assets more liquid, accessible and efficient, PYMNTS reported last April.
Ripple and Archax extended their existing collaboration in June, saying they aimed to bring hundreds of millions of dollars of tokenized RWAs onto XRPL. Because Archax works with financial institutions to enable them to tokenize their financial RWAs, the collaboration will allow those institutions to select the XRPL to do so.
In February, Ondo Finance and Aptos Foundation partnered on the integration of RWAs with blockchain technology, beginning with the integration of Ondo’s tokenized U.S. Treasurys product, USDY, onto the Aptos blockchain. The partnership also sets the stage for a series of financial products using the strengths of the two organizations.
@ Newshounds News™
Source: Pymnts
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