X Money went live nationwide on July 28, marking Elon Musk’s most ambitious push yet to transform X into what he calls an “everything app.” All US Premium and Premium+ subscribers now have access to full banking services without leaving the social platform, fundamentally reshaping how X competes with dedicated fintech players like Venmo, Cash App, and SoFi.
The service began limited testing in late June but is now available to millions of paid X users. It offers a full financial stack: deposit accounts that hold your money, peer-to-peer payments between users via X handles (with zero transfer fees), bill payments, wire transfers, and physical check mailing. Users also receive a Visa debit card that works like any traditional payment card. The entire experience happens inside X. You never need to open a separate banking app.
Deposits are held at Cross River Bank, a New Jersey-based FDIC-member institution already trusted by major fintech platforms. This structure means deposits receive standard FDIC insurance protection up to $250,000 per person. X also operates a cash sweep program that distributes customer balances across multiple partner banks, potentially offering up to $10 million in combined pass-through FDIC coverage under specific conditions, though that protection requires participating banks to remain solvent.
Premium+ subscribers earn 6% annual percentage yield on eligible deposits immediately. Premium subscribers can access the same rate after meeting direct deposit requirements. Both rates dwarf the near-zero yields at traditional banks and exceed the 4% to 5% offered by most competitive high-yield savings accounts. That rate advantage is a direct attack on savings account holders who feel invisible at legacy banks.
With 𝕏 Money, you get:
• Free, instant transfers on 𝕏
• Up to 6.00% APY
• 3% cashback on eligible purchases with the 𝕏 Card
• Early direct deposit — up to two days before your normal payday
• Wires, checks, and free ATM withdrawals
• Fast, dedicated support when you…— X Money (@XMoney) July 27, 2026
Security moved away from passwords entirely. X Money uses passkeys for authentication instead, reducing exposure to password breaches. Users can also set transaction limits and require additional verification for specific payments, putting granular control in customer hands.
Cross River described the launch as the first government-insured banking platform built on a social network, a claim that reflects how unconventional this merger of social and finance really is. It also reflects regulatory approval. X obtained money transmitter licenses from over 40 US states to make this happen. Those regulatory hurdles typically take months to clear.
Musk has been vocal for years about wanting X to resemble China’s WeChat, where messaging, payments, shopping and services coexist seamlessly. WeChat is foundational to how Chinese consumers spend money. This launch is his first major step toward that vision, even if X Money remains limited to US users for now.
The expansion into banking also arrives amid growing scrutiny. Lawmakers have questioned whether social media companies should handle consumer deposits, citing concerns about fraud protection, regulatory oversight, and whether platforms designed for engagement can be trusted with people’s financial lives.
