X (formerly Twitter) has launched X Money, its long-promised digital PAYMENTS platform, rolling out first to U.S. Premium+ subscribers on June 26 and expanding to a broader group of verified users by June 29, with one user publicly sending $25 directly to Elon Musk within hours of launch, confirming P2P transfers work live. The product offers 6% APY on FDIC-insured deposits held through Cross River Bank (with a $10 million sweep ceiling for Premium+ subscribers), 3% cashback, a personalized metal Visa debit card, zero foreign transaction fees, and P2P transfers to any @handle via Visa Direct, with no crypto integration at launch. X holds money transmitter licenses in 40+ U.S. states, with New York and Massachusetts still pending, and Musk has stated the long-term goal is for X to become “the place where all the money is, the central source of all monetary transactions.”
X Money Officially Launches, Bringing Payments, Savings, and a Debit Card to the Platform
