Overview
- Elon Musk said X Money will open to early public access in April, moving the in‑app payments project beyond closed testing.
- At launch the service offers peer‑to‑peer transfers, direct deposit, virtual and physical Visa debit cards, FDIC pass‑through coverage via Cross River Bank, cashback rewards and up to 6% APY on eligible balances.
- X has secured money‑transmitter licenses in more than 40 U.S. states, registered with FinCEN and integrated Visa Direct, with New York regulatory approval still pending.
- Crypto functionality is not included at launch and any future support for assets such as dogecoin remains unconfirmed, as X’s Smart Cashtags surface market data and links rather than execute trades.
- Dogecoin jumped roughly 8% intraday after the announcement before easing, continuing a pattern of speculative moves tied to Musk’s payments updates.