On July 27th, Elon Musk’s X Money became available across the U.S. for users who subscribe to Premium or Premium+ plans. The service includes a Visa debit card and offers account protection of up to $10 million through FDIC insurance.
Key Takeaways
- X Money exited its Premium+-only beta on July 27, launching nationwide for all Premium subscribers.
- New users get up to $10 million in FDIC-linked coverage through Cross River Bank’s sweep program.
- Sen. Elizabeth Warren’s oversight warnings persist as X Money, live in 41 states, eyes full nationwide reach.
Beta Days Are Over
X, the social platform formerly known as Twitter, first opened X Money to a small subset of Premium+ subscribers in late June for internal testing, a beta TopMob covered at launch. That trial run was explicitly done as an effort to facilitate feedback-gathering ahead of yesterday’s broader release.
We’re fulfilling our commitment by making X Money accessible to all Premium and Premium+ members nationwide. For the first time, you no longer need an invitation to access this product.
X is combining a bank account, person-to-person payments, and a debit card directly into its app. This move, spearheaded by Elon Musk since he bought the platform, aims to create an all-in-one experience so users don’t need to use other apps. X initially announced this plan in January 2025 with Visa as its first partner for handling payments. At the time, X’s CEO Linda Yaccarino described it as a step towards building an “Everything App,” and Visa explained that its network would allow fast money transfers using debit cards. Now, those same payment systems are being used to launch debit card access for Premium subscribers this week.
What Premium Users Get
Premium+ members get a 6% annual return on their money right away. Standard Premium users can earn the same return by setting up direct deposit. All accounts include a digital card for Apple Wallet, and you can also order a custom metal card. You’ll earn 3% cash back on purchases, won’t pay fees on international transactions, and new users get a $15 bonus when they sign up.
X Money lets users send and receive money without any fees or limits. The launch was announced with a post emphasizing its connection to X (formerly Twitter), highlighting how it leverages the platform’s extensive network for easy money transfers.
Where the Money Sits and Who’s Watching
Your funds are held at Cross River Bank, a fully regulated bank that works with a system to distribute money across several different banks. This increases FDIC insurance coverage for each account up to $10 million – significantly more than the usual $250,000 limit. X now has licenses to operate as a money transmitter in 41 states and Washington D.C., but is still working on getting approval in New York and Massachusetts.
That said, the expansion hasn’t quieted regulatory scrutiny given Sen. Elizabeth Warren has pressed X over its banking ambitions, warning:
Based on your past performance with X, there are concerns that managing X Money could put consumers, our country’s safety, and the financial system itself in danger.
In her letter, she highlighted a potentially unfair exception within the GENIUS Act—the new federal law for stablecoins passed in 2025. This exception could allow companies like X to issue stablecoins with less oversight than traditional issuers. She also raised concerns about past legal issues involving Cross River Bank.
What’s Next
X Money remains a fiat-based product for now, with no stablecoin or token integration confirmed. But Grayscale Head of Research Zach Pandl argued the current build is a starting point rather than an endpoint, adding:
We believe that while X Money currently relies on standard banking systems, it will likely expand to include more cryptocurrency features in the future. We expect crypto to be a key part of how X Money develops.
Now that Premium and Premium+ users are available across the country, the next key thing to watch is whether X Money expands to all U.S. markets – New York and Massachusetts are still pending – and if Elon Musk’s payment system will eventually work with cryptocurrencies, something the company has discussed since the beginning.
2026-07-28 17:34