Musk announced last night (10th) that X Money, the digital payment system for the X platform, will expand its early testing next month (April), initially focusing on the US market, with plans to subsequently roll it out globally. This will further propel X toward becoming an "all-in-one app."
According to screenshots shared by the first testers, the X Money account offers a 6% annualized interest rate (APY), significantly higher than the interest rates offered by most traditional bank savings accounts in the United States. Deposits are held in custody by FDIC member bank Cross River Bank and are covered by up to $250,000 in federal deposit insurance.
In addition, users receive a Visa metal debit card printed with their name, provided by X's partner Visa, and enjoy cashback on everyday spending. This combination of high interest rates, federal insurance, and a physical metal card allows X Money to directly target the core businesses of PayPal, Venmo, and even traditional banks.
Following the WeChat model, integrating social networking and finance
Musk's strategic goal is to emulate the success of China's WeChat.
We know that WeChat in China has already enabled users to handle daily transactions, hail rides, and pay bills via QR codes, becoming a super app covering all aspects of life. It seems that Musk hopes X can achieve a similar effect, allowing users to complete streaming media viewing, instant messaging, social interaction, and financial services within a single app.
In terms of technology partnerships, X Money initially used Visa Direct technology, with Stripe providing backend processing support. Last year, X reached an agreement with Visa to promote in-app direct payment functionality.
Regulatory Approval and Cryptocurrency Deployment
In terms of regulatory progress, X Payments LLC obtained money transfer licenses in 41 states by the end of 2024 and received approvals in key markets such as New York and California in January 2025. Against the backdrop of the Trump administration's relatively open attitude towards financial innovation, X's financial empire has officially begun.
Regarding cryptocurrencies, despite Musk's long-standing public support for Dogecoin and Bitcoin, there are currently no signs of cryptocurrency integration within X Money. X's decision to first establish a foothold in fiat currency payments and gain regulatory trust before gradually exploring crypto assets may be a more pragmatic approach.
