X Launches X Money Banking Services for U.S. Subscribers

X launched X Money on July 27, 2026, transitioning the financial hub from an invite-only beta to a general rollout for Premium and Premium+ subscribers in the United States. The service integrates peer-to-peer payments, deposit accounts, and bill pay directly into the social media platform, utilizing the banking infrastructure of Cross River Bank to provide FDIC insurance up to $250,000.

Users receive an X-branded Visa debit card, available in virtual or physical metal forms, which is compatible with Apple and Google Wallets. The card offers 3% cash back on eligible purchases and eliminates ATM and foreign transaction fees. To attract users, X is offering up to 6% APY on deposits. Premium+ subscribers receive this rate automatically, while Premium subscribers must meet direct-deposit requirements or maintain a minimum deposit of $1,000.

Elon Musk designed the launch as a central part of his strategy to transform X into an everything app modeled after WeChat, aiming to compete with services like Venmo, Cash App, and SoFi. The move has drawn scrutiny from Senator Elizabeth Warren, who questioned the sustainability of the high yields and cited previous FDIC enforcement actions against Cross River Bank.