SUI News Today: xMoney's $XMN Launch Dilutes UTK Holders 10-30x, Sparks Controversy

xMoney, a payment platform committed to regulatory standards and connecting traditional finance with Web3, has officially introduced its native token, $XMN, on

, a prominent Layer 1 blockchain. This launch marks a significant milestone in xMoney’s pursuit to establish a worldwide payment network. The announcement comes after led by the Sui Foundation, highlighting strong investor belief in xMoney’s blend of compliance and blockchain scalability.

The $XMN token is set to drive the

ecosystem, supporting governance, staking, rewards, and liquidity initiatives. It acts as a central tool to align users, merchants, and institutions with the platform’s expansion. “Utility and compliance are always essential,” stated Gregorios Siourounis, CEO of xMoney, in , stressing the token’s importance in building “genuine, global payment infrastructure.”

From launch, $XMN is available on major exchanges such as Kraken, MEXC, Bluefin, BingX, and CoinEx, with more listings planned to enhance liquidity and worldwide reach. This approach ensures access on both centralized and decentralized platforms, promoting transparency and market depth, according to U.Today.

However, the introduction of $XMN has caused debate among holders of xMoney’s former token,

. The new token’s total supply of 10 billion—ten times greater than UTK’s 1 billion—has reduced existing holders’ shares by 10 to 30 times, depending on the conversion method. UTK holders can swap their tokens at a 1:1 ratio with a six-month lockup or at 3:1 without lockup, as reported by . While an xMoney spokesperson justified the change by citing recent infrastructure upgrades and global growth plans, critics argue that the dilution weakens governance influence and financial interests, as CoinSpeaker also noted.

Sui’s involvement goes beyond financial support. Adeniyi Abiodun, Co-Founder and CPO of Mysten Labs (the team behind Sui), emphasized the integration of blockchain technology into global payment systems, enabling “secure, instant, and scalable value transfers,” as detailed by U.Today. xMoney’s move to Sui fits its broader goal of operating in both traditional and decentralized finance, backed by MiCA compliance and EMI licensing, according to U.Today.

This strategic direction also highlights xMoney’s goal to lead the $7 trillion stablecoin and payments sector. Its ecosystem features both fiat and crypto payment options, marketplace integrations, and loyalty programs that connect traditional and digital assets, as described by U.Today. The company’s infrastructure—including debit cards, cross-border settlements, and partnerships with Visa and Mastercard—positions it to meet the rising demand for compliant, borderless payments, according to U.Today.

Looking forward, xMoney aims to strengthen DeFi integrations, broaden its card offerings outside Europe, and enter Asian and U.S. markets, as mentioned in

. The $XMN launch is expected to boost token utility, with incentives linked to adoption rates creating a cycle between transaction activity and ecosystem value, the Sui blog reports.

Despite positive outlooks, some hurdles remain. xMoney’s CFO, Bayar Ali, acknowledged possible governance challenges after dilution, noting that the company will address these in future updates, as reported by CoinSpeaker. Meanwhile, UTK’s 6% price decline following the announcement reflects market uncertainty, another point highlighted by CoinSpeaker.

As xMoney expands globally, the fate of $XMN will depend on its ability to innovate while maintaining stakeholder confidence—a crucial test for its vision of transforming cross-border payments in the Web3 landscape.

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