X exec says Cashtags crypto, stock token feature has driven $1 billion in trading volume

Although he didn't dive into specifics, X’s Head of Product Nikita Bier said Friday that the platform’s "Cashtags" initiative has already helped drive billion-dollar trading volumes.

"Based on aggregated data from our trading pilot, X has driven an estimated $1 billion in trading volume globally since launching on Tuesday night," Bier posted to X.

Earlier this week, the social media platform owned by Elon Musk launched "Cashtags," a new feature that lets iPhone users in the U.S. and Canada view financial data on stocks and cryptocurrencies directly within their timelines.

The Cashtags feature aligns with Musk's broader ambitions to transform X into a super app. Last month, Musk said the company plans to launch early public access to X Money, a digital wallet designed to enable peer-to-peer transfers and payments, in April.

It's still unclear if and when X Money will allow transactions involving digital assets, although given the platform's popularity among crypto enthusiasts, doing so seems to be a natural fit. This week, Mizuho analysts said such a move might encounter regulatory resistance.

The launch of Cashtags came a day after Bier commented on X that crypto has had a rough year. "Maybe we should launch something to fix it," he said.

Bier has said that X will not execute trades or act as a brokerage, but intends to build financial data tools and links.

"X has always been the best source of financial news for traders and investors," Bier said when announcing the Cashtags launch. "Billions of dollars are allocated every day based on what people read on Timeline."

Bier, a Solana Labs advisor, joined X last June.