SAN FRANCISCO — In his most ambitious move yet to transform X (formerly Twitter) into a monolithic “everything app,” Elon Musk has officially launched “X Money” nationwide across the United States. Available immediately to all paid Premium and Premium+ subscribers, the service integrates full banking capabilities directly into the social media platform, placing X in direct competition with established fintech giants like Venmo, Cash App, and SoFi. Users can now open deposit accounts, send peer-to-peer payments using X handles with zero transaction fees, pay bills, and execute wire transfers without ever leaving the application. The service also issues a physical Visa debit card for traditional everyday spending, fully unifying social engagement and personal finance.
To address regulatory and security concerns, X partnered with New Jersey-based Cross River Bank, an FDIC-member institution, ensuring standard deposit insurance protection up to $250,000, with a cash sweep program that can potentially extend coverage up to $10 million. In an aggressive bid to attract capital from legacy banks, X Money is offering an industry-leading 6% annual percentage yield (APY) on eligible deposits for Premium+ users and qualifying Premium members. Security for the platform completely bypasses traditional passwords in favor of passkey authentication and granular, user-defined transaction limits. While Musk’s WeChat-inspired vision has successfully cleared major regulatory hurdles by securing money transmitter licenses in over 40 states, the merger of social networking and banking is already drawing intense scrutiny from lawmakers concerned over consumer fraud protection and oversight.
