xMoney, a leading Web3 payment startup in Europe, announced on September 5 the launch of a new multipurpose token, XMN, on the Sui blockchain. This, however, raised controversy among UTK investors, who held the until-now official multipurpose token for the platform.
The change comes amid an announced expansion from MultiversX to Sui, described as “xMoney’s next stage of growth,” explaining that “the future of xMoney will not be limited to one system or one chain.” XMN will be launched at a $0.10 price per token and with a $1 billion fully diluted value (FDV), considering a 10 billion total supply.
xMoney was formerly known as UTrust, being acquired by MultiversX Labs, formerly Elrond, in January 2022, based on a previous Coinspeaker report. The rebranding from UTrust to xMoney happened in August 2023 via a governance proposal that passed with over 92% of the votes. Besides the rebranding, this proposal, named UTK 3.0, also changed the token’s economic model — setting a total supply of 1 billion UTK, as opposed to the aimed 250 million cap deflationary model promoted at the UTK 2.0 proposal post-acquisition.
UTK has been live on the MultiversX network since then, attracting investors under the premise of being a governance, staking (for xMoney’s merchant guilds), and cashback token. In February 2025, Beniamin Mincu, MultiversX Foundation’s CEO, communicated that xMoney and other MultiversX Labs-owned companies were becoming independent. Greg Siourounis later joined as xMoney’s new co-founder and CEO, coming from a managing director position at the Sui Foundation.
Notably, the old token, UTK, will be deprecated, according to the announcement. UTK holders will have the option to convert at either a 1:1 rate, facing a six-month lock-up, or at a 3:1 rate, with no lock-up periods. The controversy surges as UTK has a total supply of 1 billion tokens, which is ten times lower than XMN’s 10 billion.
This effectively dilutes UTK holders’ share by 10 or 30 times — depending on the conversion strategy — on everything related to xMoney, including governance voting weight and financial exposure to the startup’s growth.
For example, Alice currently holds 100 UTK, resulting in a 0.00001% share of the total supply. Post-conversion, Alice will hold either 100 XMN (locked for six months) or 33 XMN (liquid), resulting in a 0.000001% or a 0.00000033% share of the total supply, respectively.
Coinspeaker talked to an xMoney spokesperson while writing this story — the full interview can be found below — who explained the FDV increase “is justified by the investments that xMoney has recently done,” mentioning payments infrastructure, products, technology, global expansion plans, and more.
