Musk Mints Money: X Rolls Out 6% Yields and Instant Transfers 🇿🇽

Elon Musk's X platform has begun rolling out X Money to Premium and Premium+ subscribers in the United States, introducing peer-to-peer payments, interest-bearing deposit accounts and a Visa debit card directly within the social network. The launch marks the first peer-to-peer payment service built into a major US social media platform and combines insured deposit accounts, debit card functionality and broader payment tools inside X's main product, according to the company. Musk marked the occasion by posting "This is money" on X, framing the launch as bringing financial tools onto what he called the world's most powerful network.

X Money offers free instant transfers between X accounts, along with interest-bearing deposit accounts offering annual percentage yields of up to 6%. Eligible purchases through the X Card, a Visa debit product connected to the account, qualify for 3% cashback. Additional features include direct deposits up to two days early, wire transfers, checks, free ATM withdrawals and dedicated customer support. The rollout is initially limited to US Premium and Premium+ subscribers, and X has not announced a timeline for expanding the service to free users or international markets.

Cross River Bank provides the regulated banking infrastructure powering X Money. The bank holds customer deposits, connects the service to external payment networks and operates an application programming interface-based system supporting accounts, transfers and compliance services. Individual deposits held directly at Cross River carry Federal Deposit Insurance Corporation protection of up to $250,000. X Money also automatically places funds into a cash sweep program that distributes customer deposits across participating insured banks, providing eligible customers with aggregate pass-through FDIC insurance of up to $10 million.

X Payments is not itself a bank or an FDIC-insured institution, and coverage under the sweep program applies only if a participating insured bank fails and the customer meets all applicable requirements. Account authentication relies on passkeys, and users can set individual transaction limits and additional approval requirements. Visa provides security and risk-management protections for transactions completed with the X Card.