Elon Musk Expands X Money to More Users, Eyes 'Everything App'

Elon Musk’s vision of turning X into an 'everything app' took a concrete step forward. On June 4, the billionaire announced that X Money, the platform’s integrated payments system, is rolling out to a wider set of users after months of closed beta testing.

X Money enables peer-to-peer transfers, FDIC-insured deposits up to $250,000, a personal metal Visa debit card stamped with an X handle, 3% cashback on purchases, and zero foreign transaction fees. The service will be available to verified users aged 18 and older, in compliance with Know Your Customer regulations.

Behind the scenes, X Money is powered by partnerships with Visa and Cross River Bank, with FDIC insurance coming through the bank. X has secured money transmitter licenses in 41 states and Washington, D.C.

Notably, X Money launched as a purely fiat product, with no crypto payments or stablecoin rails. This approach offers a cleaner regulatory narrative amid scrutiny from US senators over compliance and consumer protections.

For investors, the 3% cashback and zero foreign transaction fees position X Money against Venmo, Cash App, and traditional banking products. Musk’s methodical rollout-from closed beta in early 2026 to this broader expansion-signals a deliberate strategy.