X Money expanded to a wider set of U.S. users on June 25, after months of delays. Almost immediately, users began sending Elon Musk small amounts of money to test the payments service built into X (formerly Twitter). One user posted that he sent $25 directly to Musk 'for no other reason than I just can,' to which Musk replied 'Tks.' The transactions occurred as Musk, the world's first trillionaire, saw his net worth stand at roughly $1.23 trillion in mid-June 2026 according to the Bloomberg Billionaires Index, with Forbes putting it near $1.2 trillion following SpaceX's June 12, 2026 IPO. The fortune rests mainly on his stakes in SpaceX (about 41%) and Tesla (about 20%).
Musk Co-Founded X.com in 1999 with $12 Million
Musk co-founded a startup called X.com in 1999 with $12 million of his own money, a no-fee bank offering checking, savings, brokerage, and insurance in one place. X.com merged with Peter Thiel's Confinity, the partners feuded, and in 2000 Musk was pushed out of his own company while flying to Sydney on his honeymoon. By the time he landed, his board had ousted him and renamed the company PayPal. X Money is the product Musk wanted to build a quarter-century ago.
X Money Offers 6% APY on FDIC-Insured Deposits
X Money launched as a dollar-based payments app built on a partnership with Visa. The core features include peer-to-peer payments that settle in near real time over Visa Direct, FDIC-insured deposits up to $250,000 held through partner Cross River Bank, a 6% annual percentage yield on balances, a metal Visa debit card stamped with the user's X handle offering 3% cashback and no foreign-transaction fees, and three tabs (Account, Rewards, and Activity) for sending and requesting money, depositing funds, and setting up direct deposit. X holds money-transmitter licenses in more than 40 states and is aiming the app at X's roughly 600 million monthly users, who can tip creators, pay bills, buy in-app, and send each other money without leaving the platform.
Analysts Question 6% Yield Sustainability
The average U.S. savings account pays under 1%, and even the best online high-yield accounts have topped out around 4% to 5%. Ken Tumin, the founder of DepositAccounts and a longtime tracker of savings rates, called the 6% rate a promotional rate that requires a direct-deposited paycheck and is open only to a limited set of beta users. 'Over time, expect the rate to fall in line with competitors,' he wrote. For context, he noted, the highest-yielding FDIC-insured savings accounts currently top out around 4.6%, and even Vanguard's federal money-market funds yield closer to 3.6%, near the Federal Reserve's target range. Tumin also warned that X Money's deposits are held not by X but by its partner, Cross River Bank, the same fintech-and-bank arrangement behind apps like Chime, which he called 'more risky than dealing directly with a bank,' pointing to the 2024 collapse of fintech middleman Synapse that froze customer funds. It is not yet clear whether the rate applies to every balance or comes with minimums and conditions.
X Money Launched Without Dogecoin Integration
Musk has endorsed meme cryptocurrency Dogecoin for years. Tesla and his Boring Company began accepting it for purchases in 2022. He renamed Twitter 'X' in 2023 and briefly changed the site's logo to the Dogecoin dog. The token's price has repeatedly risen on speculation that X payments would use it. But Musk has never committed crypto to X's payments. In a December 2023 interview with ARK Invest's Cathie Wood, he said payments were coming to X but added that he does not 'spend a lot of time thinking about cryptocurrency.' Internal X Payments documents reported in 2024 showed crypto was not part of the initial product, and X has not confirmed any integration. Dogecoin still rose on payments speculation after a Musk post in late 2024. X Money launched as a fiat-only product. The company has said broader asset support could come in later phases, and analysts estimate a 60% to 70% chance Dogecoin is added within two years. Nothing has been confirmed.
FAQ
What did X Money do on June 25?
X Money expanded to a wider set of U.S. users on June 25 after months of delays. The payments service is built into X (formerly Twitter) and allows users to send money to each other.
What features does X Money offer?
X Money offers peer-to-peer payments settling in near real time over Visa Direct, FDIC-insured deposits up to $250,000 through Cross River Bank, a 6% annual percentage yield on balances, a metal Visa debit card with 3% cashback, and no foreign-transaction fees.
Does X Money support Dogecoin?
No. X Money launched as a fiat-only product. X has not confirmed any cryptocurrency integration. The company has said broader asset support could come in later phases, but nothing has been confirmed.
