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Today, Elon Musk has officially rolled out X Money in the United States—the flagship payment initiative of the X platform—with the ambitious goal of transforming X into an "everything app" that seamlessly blends social and financial services. Initially, the payment platform will be accessible to X Premium and Premium Plus subscribers, offering an integrated digital wallet and Venmo-like instant peer-to-peer (P2P) transfer capabilities, facilitating free fund transfers within the X ecosystem. Subscribers will be eligible to receive personalized metal Visa debit cards, with Premium Plus members benefiting from an annualized yield of up to 6%, while all users can enjoy 3% cashback on purchases. All funds will be securely held by Cross River Bank, a member of the Federal Deposit Insurance Corporation (FDIC), with each account insured for up to $250,000.
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