Elon Musk's vision for X to become the world's first "super-app" is gaining momentum. A leaked Financial Times presentation reveals the platform's plans to introduce integrated trading and payments in 2025.

埃隆·马斯克（Elon Musk）对X成为世界上第一个“超级应用”的愿景正在获得动力。泄漏的金融时报演示揭示了该平台在2025年推出综合交易和付款的计划。

The presentation, which has been circulating among industry insiders, outlines how X will incorporate brokerage APIs—similar to stock trading platforms—and on-chain crypto capabilities, all integrated into a Visa-powered digital wallet called X Money.

该演示文稿一直在行业内部人士之间流传，概述了X将如何结合经纪API（类似于股票交易平台，以及链上加密功能，都集成到一个称为X Money的签证数字钱包中。

However, a notable absence is Dogecoin—the memecoin Musk once supported—which is not mentioned in the roadmap, sparking debate.

但是，狗狗币（Memecoin Musk曾经得到支持）是值得注意的缺席，路线图中未提及，引发了辩论。

A Fintech Hub on the Horizon—But Where's Dogecoin?

地平线上的金融科技枢纽，但是多狗币在哪里？

The leaked documents depict X as a comprehensive financial hub. Users will soon be able to trade stocks, make and receive payments, and store value directly within the X app. Brokerage APIs will facilitate seamless investing, and blockchain technology will enable fast, borderless crypto transactions.

泄漏的文件将X描绘为全面的财务枢纽。用户很快将能够在X应用中直接交易股票，赚取和接收付款以及存储价值。经纪API将促进无缝投资，区块链技术将实现快速，无边界的加密交易。

X Money, initially launching in the U.S., will offer features like tipping, peer-to-peer payments, and in-app purchases, all supported by Visa's global payments network.

最初在美国推出的X Money将提供诸如Visa的全球支付网络支持之类的功能，所有这些功能，所有这些款项。

Despite these innovations, the absence of Dogecoin is significant.

尽管有这些创新，但缺乏狗狗币还是很重要的。

Despite Musk's long-standing public interest in the memecoin and speculation that it would be central to X's crypto strategy, the leaked documents make no mention of it. Instead, the focus is on traditional financial systems and regulatory compliance.

尽管马斯克长期以来对Memecoin的公众兴趣和猜测这对于X的加密策略至关重要，但泄漏的文件却没有提及。取而代之的是，重点是传统的金融系统和法规合规性。

Industry observers are left to speculate: is this a strategic decision to appease regulators, or simply a temporary delay before a broader crypto integration?

行业观察者被猜测：这是安抚监管机构的战略决定，还是只是在更广泛的加密整合之前暂时延迟？

Regulatory Hurdles and the 41-State Challenge

监管障碍和41国家挑战

X's fintech ambitions face substantial regulatory obstacles. The company is already registered as a money transmitter in 41 U.S. states, covering approximately 80% of the population, but complete coverage is lacking.

X的金融科技野心面临着实质性的监管障碍。该公司已经在美国41个州注册为货币发射机，覆盖了约80％的人口，但缺乏完全的承保范围。

Key states like New York, Texas, and California have not yet granted approval, which means X's payments and trading functionalities cannot reach all U.S. users.

纽约，德克萨斯州和加利福尼亚州等主要州尚未获得批准，这意味着X的付款和交易功能无法吸引所有美国用户。

Furthermore, in Europe, the Digital Services Act (DSA) imposes significant penalties for data handling or content moderation failures, requiring X to revamp its compliance framework.

此外，在欧洲，《数字服务法》（DSA）对数据处理或内容审核的失败施加了重大惩罚，要求X改进其合规性框架。

Crypto Partners and the On-Chain Finance Future

加密合作伙伴和链融资未来

Visa is confirmed as X's partner for traditional currency payments, but the crypto aspect remains uncertain.

Visa被确认为X的传统货币支付合作伙伴，但加密货币方面仍然不确定。

While there has been speculation about stablecoins like USDT or USDC, and Cardano's Charles Hoskinson has proposed a "Bitcoin 2.0" roadmap for Dogecoin integration, Musk has remained silent on memecoins.

尽管人们一直猜测像USDT或USDC这样的Stablecoin，而Cardano的Charles Hoskinson提出了“比特币2.0”路线图，以用于狗狗蛋白的整合，但马斯克一直对Memecoins保持沉默。

Perhaps X is awaiting clearer U.S. crypto regulations, or perhaps Visa is hesitant to engage with volatile assets.

也许X正在等待更清晰的美国加密法规，或者签证犹豫不决地参与挥发性资产。

Competition in the Fintech Arena

金融科技竞技场的比赛

X's move is creating ripples in the fintech sector. Platforms like Robinhood, which already generates a significant portion of its revenue from crypto, face a direct challenge from X's planned zero-fee trading and crypto features.

X的举动是在金融科技行业中创建涟漪。像Robinhood这样的平台已经从Crypto产生了其收入的很大一部分，面临X计划的零fee交易和加密功能的直接挑战。

PayPal's Venmo could be overshadowed by X Money's social payments capabilities, and Meta's WhatsApp and Facebook Pay—which lack trading features—would be at a disadvantage in the race to become the first true super-app in the West.

PayPal的Venmo可能会被X Money的社会支付能力所掩盖，Meta的WhatsApp和Facebook Pay（缺乏交易功能）将在成为西方第一个真正的Super-App的比赛中处于不利地位。

For Musk's crypto enthusiasts, the omission of Dogecoin is more than a technical detail—it's a test of allegiance.

对于马斯克的加密爱好者来说，遗漏Dogecoin不仅仅是技术细节，而是对效忠的考验。

Some believe that the regulatory risks are simply too high for X to launch with memecoins as a primary focus.

一些人认为，监管风险太高了，无法以Memecoins启动X作为主要重点。

Others predict a phased rollout, with Dogecoin or other crypto assets being integrated once traditional financial systems are established and trust is built with users and regulators.

其他人则预测，一旦建立了传统的金融系统并与用户和监管机构建立信任后，将狗狗币或其他加密资产进行集成。

There is also the possibility that Visa, a crucial partner, has excluded high-risk crypto assets from consideration for the time being.

至关重要的合作伙伴签证暂时将高风险的加密资产排除在外。

What's Next for X and the Super-App Revolution?

X和Super-App Revolution的下一步是什么？

With beta testing underway and a 2025 launch anticipated, X's success will depend on its ability to secure licenses, comply with global regulations, and gain user trust.

随着Beta测试的进行和2025年的预期发布，X的成功将取决于其确保许可，遵守全球法规并获得用户信任的能力。

As CEO Linda Yaccarino stated, "2025 X will connect you in ways never thought possible."

正如首席执行官Linda Yaccarino所说：“ 2025 X将以从未想到的方式联系您。”

However, as the fintech competition intensifies, the key question is whether Musk's X can realize its vision of a combined financial and social platform—and whether Dogecoin will eventually have its place.

但是，随着金融科技竞争的加剧，关键问题是马斯克的X是否可以意识到其对合并的财务和社交平台的愿景，以及Dogecoin是否最终将拥有其位置。