X's Cashtags Feature Drives $1 Billion in Trading Volume Since Tuesday Launch

Social media platform X has driven about $1 billion in trading volume from its new smart Cashtags feature, according to X's head of product Nikta Bier. The new feature allows users to view stock and crypto data directly from the app and is currently available only to US and Canadian users on iPhones. Canadians can click through certain tickers to trade them on a third-party app. In a post to X on Friday, Bier said they made the estimate based on aggregated data from the trading pilot since the launch on Tuesday. The new feature is part of Elon Musk's vision of turning X into an "everything app," including peer-to-peer payments and e-commerce. X is one of the largest social media platforms in the world, seeing more than 550 million users each month. Cashtags allow users to select a specific asset or smart contract address when posting a ticker, and tapping a tag displays live price charts and related posts. Canadian X users can click through certain stock and crypto tickers to open the online brokerage Wealthsimple's app or website, which secured a partnership with X, though there is no equivalent for US users at the time of publication. X Money is also coming Musk's company also has X Money in the pipeline, a peer-to-peer payment system that seeks to offer yield-bearing accounts, a cash back debit card and other perks. X rolled out an external beta of X Money in early March, showing payments between Musk and Hollywood actor William Shatner, who played Captain Kirk in the original Star Trek series. Related: X mulls new rules for first-time crypto posts amid tortoise scam The integration of crypto payments into X Money remains a mystery. Over the last few years, X has secured money transmitter licenses in over 40 US states and registered with the Financial Crimes Enforcement Network to make peer-to-peer payments possible on the platform.