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

xMoney, a compliance-focused payments platform bridging traditional finance and Web3, has officially launched its native token, $XMN, on Sui, a leading Layer 1 blockchain, marking a pivotal step in its mission to build a global payments infrastructure. The move follows a $21.5 million strategic funding round led by the Sui Foundation, underscoring investor confidence in xMoney's hybrid model of regulatory compliance and blockchain scalability.

The launch of $XMN is designed to power the xMoney ecosystem, enabling governance, staking, rewards, and liquidity programs. The token serves as a unifying mechanism to align participants-users, merchants, and institutions-with the platform's growth. "Utility and compliance never go out of style," said Gregorios Siourounis, xMoney's CEO, in a U.Today press release, emphasizing the token's role in creating "real, global payment infrastructure."

From day one, $XMN is listed on major exchanges including Kraken, MEXC, Bluefin, BingX, and CoinEx, with additional listings planned to boost liquidity and global access. This multi-exchange strategy ensures both centralized and decentralized exchange availability, fostering transparency and market depth, according to U.Today.

However, the transition to $XMN has sparked controversy among holders of xMoney's previous token, UTK. The new token's 10 billion supply-10 times larger than UTK's 1 billion-has diluted existing holders' stakes by 10-30x, depending on conversion choices. UTK holders can exchange their tokens at a 1:1 rate with a six-month lockup or a 3:1 rate without lockup, according to a CoinSpeaker report. While xMoney's spokesperson defended the move as justified by recent infrastructure investments and global expansion plans, critics argue the dilution undermines governance power and financial exposure, as also noted by CoinSpeaker.

Sui's role extends beyond financial backing. Adeniyi Abiodun, Co-Founder and CPO of Mysten Labs (Sui's developer), highlighted the platform's integration of blockchain infrastructure into global payment systems, enabling "secure, instant, and scalable value transfers," a point detailed by U.Today. xMoney's expansion to Sui aligns with its broader vision to operate across both traditional and decentralized finance environments, supported by MiCA compliance and EMI licensing, according to the same U.Today coverage.

The strategic shift also reflects xMoney's ambition to dominate the $7 trillion stablecoin and payments market. Its ecosystem includes fiat and crypto payment solutions, marketplace integrations, and loyalty programs that bridge traditional and digital assets, as described by U.Today. The company's infrastructure-spanning debit cards, cross-border settlements, and Visa/Mastercard partnerships-positions it to capitalize on the growing demand for compliant, borderless transactions, per U.Today's reporting.

Looking ahead, xMoney plans to deepen DeFi integrations, expand card programs beyond Europe, and enter Asian and U.S. markets, according to the Sui blog. The launch of $XMN is seen as a catalyst for token utility growth, with incentives tied to adoption rates creating a feedback loop between transaction volume and ecosystem value, the Sui blog notes.

Despite optimism, challenges remain. xMoney's CFO, Bayar Ali, acknowledged potential governance complexities post-dilution, stating the company will address these in upcoming updates, as reported by CoinSpeaker. Meanwhile, UTK's 6% price drop post-announcement underscores market skepticism, another point highlighted by CoinSpeaker.

As xMoney continues its global push, the success of $XMN will hinge on its ability to balance innovation with stakeholder trust-a test of its vision to redefine cross-border payments in the Web3 era.

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