Elon Musk's X Money opened to U.S. Premium and Premium+ subscribers Monday with a 6% deposit yield, a metal Visa card and no crypto support.
Key Points:
- X Money went wide on Jul. 27 for U.S. Premium and Premium+ subscribers, ending an invite-only beta.
- Deposits sit at Cross River Bank, insured to $250,000, with a sweep program lifting coverage to $10 million.
- The product ships without any cryptocurrency features, and Senator Elizabeth Warren is still waiting on answers about the 6% yield.
X Money Launch Delivers 6% Yield And Visa Card
The wide release began Monday for U.S. subscribers aged 18 and over, closing an invite-only beta that ran through late June.
Accounts bundle a dollar balance, instant peer-to-peer transfers with no stated limits, and a debit card that lives inside the X app. Apple Wallet support landed alongside the rollout, the company confirmed.
Premium+ members earn up to 6% a year on balances, while standard Premium subscribers reach that rate only after meeting direct deposit conditions. Cardholders take 3% back on eligible spending, pay nothing on foreign transactions, withdraw from ATMs for free, and can order a metal version stamped with their handle.
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Cross River Bank Holds Deposits As Warren Presses Musk
X does not hold a banking charter.
X Payments LLC operates instead under money transmitter licenses in 41 states and Washington, D.C., leaving New York and Massachusetts outside the service until state regulators sign off. Customer deposits sit at Cross River Bank, a New Jersey lender that has spent a decade supplying balance sheets to fintech firms, and it insures accounts to $250,000 through the FDIC. A cash sweep program spreads larger Premium+ balances across partner institutions and lifts coverage to $10 million, though that protection covers bank failure rather than trouble at X itself.
Senator Elizabeth Warren wrote to Musk on Apr. 14, asking how the platform can fund a 6% yield when the federal funds target sits at 3.5% to 3.75%.
Her letter also flagged a 2023 FDIC enforcement order against Cross River over fair lending practices, and no public response has followed.
Bitcoin And Dogecoin Absent From Everything App
The launch carries no Bitcoin (BTC), no Dogecoin (DOGE) and no stablecoin, despite years of speculation that Musk would bolt a token onto the app. Warren separately asked whether X intends to issue a payment stablecoin under a GENIUS Act provision covering private commercial firms, a question the company has not addressed. Dhruv Batura, who runs the product, described June's limited release as a deliberate test meant to surface problems before a wider rollout.
Musk renamed Twitter as X in 2023 and promised a platform where users could run their entire financial world in one place.
The plan moved slowly after that, through a Visa partnership struck in early 2025, a closed internal beta, and a first public release to a small group of Premium+ subscribers in late June.
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