Mizuho Bank: Elon Musk's X Money may disrupt the US payment market and impact PayPal According to a report by Golden Finance on April 17th, research analysts at Mizuho Bank released a report on Thursday stating that the financial feature X Money launched by Musk's X platform has the potential to disrupt the US payment industry, but the cryptocurrency integration plan may be hindered by regulations. Mizuho analysts Dan Dolev and Andrew Jenkins wrote in their client report that X Money is positioned as the financial infrastructure layer of the X platform, aiming to integrate instant messaging, bank deposits, and commercial transaction functions. With a monthly active user base of 500 to 600 million on the X platform and Musk's payment industry background as co-founder of PayPal, X Money has the potential to disrupt the US payment industry. At the regulatory level, analysts point out two potential obstacles: firstly, the recent proposal of the CRYPTO Act (Cryptocurrency Regulatory Protection, Trust and Supervision Act) in New York State, which intends to criminalize the operation of unlicensed virtual currency businesses in the state, will raise the compliance threshold for X's future promotion of cryptocurrency integration plans; Secondly, the Clarity Act may restrict the ability of non bank financial platforms to provide revenue to users, which could hinder X Money's plan to offer users an annualized 6% cash balance yield. Analysts say the timing of the launch of this yield product is particularly sensitive. Mizuho has simultaneously downgraded the stock rating of PayPal (PYPL) to "neutral", pointing out that PayPal and its Venmo app face the most direct substitution risk as X is targeting the same peer-to-peer transfer and digital wallet entry points. This week, X platform also launched a new feature called "Cashtags", which allows users to directly view financial data of stocks and cryptocurrencies within the timeline.