Elon Musk's X Money launches in US for Premium users with 6% APY and Visa card FAST-MOVING
On July 27 2026, Elon Musk’s social‑media platform X rolled out a new financial service called X Money to paying subscribers in the United States. The service is initially available only to users of the Premium and Premium+ plans who are at least 18 years old. X Money combines a deposit account, peer‑to‑peer payments, bill‑pay, salary direct‑deposit, and a Visa‑branded debit card that can be used digitally or as a personalized metal card. The card can be added to Apple Wallet and Google Wallet for contact‑less purchases.
Premium+ members earn an annual percentage yield of up to 6 % on their balances, while Premium members receive the same rate after meeting direct‑deposit conditions. All deposits are held at Cross River Bank and are insured by the FDIC for up to $250,000 per account, with a cash‑sweep program that can raise coverage to $10 million. The service is live in 41 U.S. states, pending approval in New York and Massachusetts. U.S. Senator Elizabeth Warren has publicly warned that the product could pose risks to consumers, national security and the financial system.
X Money is the latest step in Musk’s plan to turn X into an “everything app” that merges social networking with everyday financial services, putting the platform in direct competition with Venmo, PayPal, Cash App and other fintech providers.
Entities: Cross River Bank · Elizabeth Warren · Elon Musk · Federal Deposit Insurance Corporation (FDIC) · Visa · X (formerly Twitter) · X (social media platform) · X (social platform) · X Money
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 2 SOURCES] Senator Elizabeth Warren asked Elon Musk to explain how X Money will generate sufficient revenue. (new)
- [● 8 SOURCES] X Money aims to compete directly with payment apps such as Venmo, PayPal and Cash App. (new)
- [● 8 SOURCES] Deposits are held at Cross River Bank and insured by the FDIC up to US$250,000 per account. (bank partnership details)
- [● 9 SOURCES] X Money provides deposit accounts, peer‑to‑peer payments, bill‑pay, and a Visa debit card within the X app. (company description)
- [● 9 SOURCES] X Money is available to Premium and Premium+ subscribers in the United States. (new)
- [● 8 SOURCES] X Money offers up to 6% annual percentage yield on balances for Premium+ users. (service brochure)
- [● 6 SOURCES] X Money does not currently support cryptocurrencies and is limited to fiat currencies. (company statement)
- [● 8 SOURCES] X Money provides a physical metal Visa debit card that can be added to Apple Pay and Google Wallet. (product details)
- [● 5 SOURCES] X Money launched in the United States for Premium and Premium+ subscribers on July 27, 2026. (X announcement, multiple news reports)
- [● 4 SOURCES] Senator Elizabeth Warren sent a public letter questioning X Money’s revenue model and warning of consumer and financial‑system risks. (senatorial correspondence)
- [● 4 SOURCES] X Money provides deposit accounts, peer‑to‑peer payments, bill‑pay, salary direct‑deposit and a Visa debit card within the X app. (service description on X)
- [● 4 SOURCES] Cross River Bank’s cash‑sweep program can extend FDIC coverage to $10 million per account. (bank filing)