Musk begins U.S. rollout of X Money banking service
Elon Musk’s social media platform X has begun offering its X Money banking service to all U.S. users subscribed to the Premium and Premium+ tiers. The move marks another step toward transforming the platform into an all-in-one app that combines communication, payments, and financial services.
According to Euronews, X Money had previously been operating in test mode and had been available only to a limited group of Premium+ subscribers since late June.
The service allows users to hold funds, send money to other users, pay bills, make bank transfers, and request checks without leaving the X app.
Customer funds are held at Cross River Bank, which is based in New Jersey and works with a number of fintech companies. Deposits are insured by the U.S. Federal Deposit Insurance Corporation (FDIC) for up to $250,000.
Musk has said for several years that he wants to turn X into an equivalent of China’s WeChat. The app combines messaging, shopping services, and payments and plays a major role in China’s consumer economy.
X Money deposits
X Money has promised to pay up to 6% annually on deposits. That is higher than the roughly 4%–5% offered by the most competitive high-yield savings accounts in the U.S. and far above the near-zero rates available at large traditional banks.
Premium+ subscribers will be able to receive the highest rate without additional conditions. Premium users will need to set up direct deposits to qualify.
Cross River described X Money as the first government-insured banking platform in the U.S. built on a social network.
Competition with Venmo and Cash App
The launch puts X in direct competition with popular payment services such as PayPal’s Venmo, Block’s Cash App, and SoFi. The platform’s audience of millions could give it an important advantage.
However, X Money had already attracted scrutiny from U.S. lawmakers before its launch. In an April 14 letter, Senator Elizabeth Warren asked Musk to explain how the service would generate enough revenue to support the advertised yield.
She also pointed to previous FDIC enforcement actions against Cross River Bank related to its lending practices.
Will X Money support cryptocurrencies?
At launch, X Money operates only with traditional money and banking infrastructure. Support for Bitcoin, Dogecoin, stablecoins, or other digital assets has not been officially announced. The service currently offers accounts, transfers, bill payments, and other dollar-based operations through Cross River Bank and Visa. For now, X Money is therefore closer to Venmo or Cash App than to a crypto wallet.
However, cryptocurrency support in the future cannot be ruled out. Elon Musk has long backed Dogecoin, while the plan to turn X into an all-in-one financial app suggests that its range of services could expand gradually. Still, speculation about the integration of DOGE, XRP, or stablecoins remains unconfirmed: neither X nor Cross River Bank has announced specific plans or timelines for launching crypto payments.
X is preparing to expand into a financial platform called X Money, with the goal of combining payments, investment tools, and social media activity within a single ecosystem.
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