X Money Launches Nationwide Banking for US Subscribers

NEW YORK, July 28 — X Money has rolled out nationwide access to its banking service for US Premium and Premium+ subscribers, marking Elon Musk’s biggest step yet toward transforming X from a social network into an all-in-one financial platform.

Quick Takeaways

• X Money now offers banking services to eligible paid users across the US.

• Premium+ users can earn 6% APY on eligible deposits.

• Deposits are held through Cross River Bank, with FDIC insurance protection.

X Money Brings Banking Directly Into X

The nationwide rollout follows limited testing that began in late June. Users can now access deposit accounts, send peer-to-peer payments through X handles, pay bills, make wire transfers and request physical checks without opening a separate banking app.

The service also includes a Visa debit card that can be used for everyday payments. X is positioning the integrated experience as an alternative to standalone financial apps such as Venmo, Cash App and SoFi.

Customer deposits are held at Cross River Bank, a New Jersey-based FDIC-member institution that works with fintech companies. Eligible deposits receive standard FDIC insurance of up to $250,000 per depositor.

X Money also uses a cash sweep arrangement that can distribute balances among participating banks. Under qualifying conditions, the structure could provide as much as $10 million in combined pass-through FDIC coverage, depending on how funds are allocated and the applicable insurance requirements.

6% APY Puts Pressure on Traditional Savings Accounts

One of X Money’s biggest selling points is its 6% annual percentage yield on eligible deposits. Premium+ subscribers can access the rate immediately, while Premium members must meet direct-deposit requirements.

The yield gives X another way to compete for consumers who might otherwise keep their savings with traditional banks or high-yield savings providers. X is effectively combining social engagement, payments and savings within a platform millions of people already use.

Security is also moving away from conventional passwords. X Money uses passkeys for authentication, while customers can set transaction limits and require extra verification for selected payments.

Musk Moves X Closer to His ‘Everything App’ Vision

The banking expansion represents a major milestone in Elon Musk’s long-running plan to turn X into an “everything app.” Musk has repeatedly pointed to China’s WeChat, where messaging, payments, shopping and other digital services operate within one ecosystem, as a model for his broader vision.

X has secured money-transmitter licenses across more than 40 US states as part of its financial-services expansion. For now, however, X Money remains focused on users in the United States.

The move also places X deeper inside a heavily regulated industry. US lawmakers have raised questions about social platforms handling consumer finances, including concerns over fraud safeguards, regulatory oversight and the risks of combining financial services with platforms built around social engagement.

Source: This article is based on information reporte by ARY News.