Mizuho Bank: X Money may disrupt the payment industry but faces regulatory resistance

According to a report by analysts at Mizuho Bank, X Money, a platform owned by Musk, has the potential to disrupt the US payment industry, relying on its 500 million to 600 million monthly active users and Musk's payment industry background. Analysts point out that the CRYPTO Act and Clarity Act in New York State may hinder its cryptocurrency integration and 6% cash balance annualized yield plan. Mizuho has downgraded PayPal's stock rating to "neutral", stating that it and Venmo face substitution risks. This week, X platform launched the "Cashtags" function, which supports viewing stock and cryptocurrency data.