“This is Money,” Elon Musk Claims as P2P-Powered X Money Goes Live in the US

Elon Musk’s everything app vision took another major step forward as X Money begins rolling out to Premium subscribers in the United States. It offers massive features to users, such as free & instant peer-to-peer (P2P) transfers, cashbacks with the Visa card, and up to 6% APY.

Elon Musk’s X Money Officially Launches for Premium Users in the US

X Money has started rolling out to Premium and Premium+ subscribers in the United States. It is built to let users manage money directly on the X platform.

This marks another major step toward Elon Musk’s vision of turning X into an everything app. Musk posted “This is money” on X, marking the launch as bringing money on the world’s most powerful network.

It will offer free, instant transfers on the platform, up to 6% APY, 3% cashback on eligible purchases with the X Card, wires, checks, and free ATM withdrawals, and early direct deposit.

Elon Musk’s X Money is becoming the complete financial layer, offering people a way to save, earn interest, receive their salary, send money instantly, spend, pay bills and manage their financial lives without leaving the platform.

Premium subscribers on X to get a 4% APY, but it gets boosted to 6% if they direct deposit $1,000 or more within a trailing 34-day period into a Stored Value Account.

While X Money launched as a standard fiat product, consumers wanting to maximize their rewards can compare a crypto debit card vs traditional debit card to understand the benefits.

Ripple’s Partner Cross River Powers First P2P Payments on X

Elon Musk’s X Money claimed security is at the core of its features, with accounts secured with passkeys for safe and fast authentication. Users can also set custom limits and require authentication for transactions, with card transfers protected by Visa’s security and risk management capabilities.

It also has FDIC insurance up to $10 million through the Cash Sweep Program. Moreover, deposit accounts are held at Ripple’s long-standing partner Cross River Bank.

FDIC-member Cross River Bank serves as the primary banking partner for X Money, holding user deposits and offering up to $10M in FDIC insurance through the X Cash Sweep Program. It would power key elements like card issuance and payment processing.

Cross River Bank said the collaboration brings embedded banking and peer-to-peer (P2P) payments to millions of users within X’s social ecosystem. Cross River uses Ripple’s XRP Ledger to enable faster and lower-cost cross-border transfers.

While X Money remains primarily a fiat-based service in the early phase, Elon Musk earlier hinted at potential crypto integration. Elon Musk’s X has also launched crypto-related features on the platform.

As CoinGape reported earlier, Elon Musk’s X launched Big Charts for stocks and crypto, expanding its Smart Cashtags feature. Users can see larger real-time charts and posts for BTC, ETH, XRP, HYPE, DOGE, TSLA, MSTR, COIN, and others.