X Money by Elon Musk officially launches for US users

Social network X has officially launched its financial service X Money for users in the United States. It is currently available exclusively to Premium and Premium+ subscribers, having previously operated in closed beta.

X Money allows users to store funds, send p2p transfers, pay bills, make bank transfers, and manage their finances directly within the X app. The service also supports the issuance of a virtual debit card that can be added to Apple Wallet for contactless payments via Apple Pay. Users who prefer a physical option can also order a metal card personalized with their name or username.

Deposit accounts are managed by Cross River Bank. User funds are insured by the Federal Deposit Insurance Corporation (FDIC). To protect accounts, the service uses passkey technology, while payment security is backed by Visa's infrastructure.

One of X Money's standout features is its elevated deposit yield — up to 6% APY. Premium+ users are eligible for the maximum rate, while Premium subscribers must meet direct deposit requirements to qualify.

Additionally, users can earn up to 3% cashback on select purchase categories, receive a $15 bonus upon joining the service, and get their paycheck via direct deposit up to two days earlier than the standard payment date.