Elon Musk's X Money launches in US with 6% APY and up to $10 million FDIC coverage

Elon Musk’s social platform X has begun rolling out its X Money payments service to a limited group of Premium+ subscribers in the United States. The beta offering provides a metal Visa debit card, 3% cashback on purchases and peer‑to‑peer transfers built directly into the X app.

X Money advertises a 6% annual percentage yield on deposits held at Cross River Bank. Through a “Cash Sweep” program, deposits are automatically distributed across partner banks, allowing FDIC insurance coverage of up to $10 million—about 40 times the standard $250,000 limit. The service currently operates in more than 40 US states with money‑transmitter licences, though it is not yet available in New York or Massachusetts.

Regulators are monitoring the rollout. Senator Elizabeth Warren has sent a letter raising consumer‑protection concerns, and the platform’s entry into the heavily regulated banking sector has attracted scrutiny. While the initial launch is fiat‑only, Musk has hinted at future cryptocurrency integration, keeping Dogecoin and other digital assets in the spotlight among traders.