X Money Goes Live in 41 States as Elizabeth Warren Warns of Risks

Elon Musk’s X Money exited its invite-only beta on July 27, rolling out to all U.S. Premium and Premium+ subscribers. The service bundles a deposit account, peer-to-peer payments, and a Visa-branded debit card within the X app, part of Musk’s strategy to create an “everything app.” Visa’s Direct network powers real-time debit-card transfers. Premium+ users earn 6% APY immediately; standard Premium users unlock the same rate with direct deposit. Accounts include a virtual card for Apple Wallet, a customizable physical metal card, 3% cash back on purchases, no foreign transaction fees, and a $15 welcome deposit. Deposits are held at Cross River Bank, which runs a cash-sweep program extending FDIC coverage up to $10 million per account. X Money has secured money-transmitter licenses in 41 states and Washington, D.C., but not yet in New York or Massachusetts. Senator Elizabeth Warren sent a letter warning that Musk’s track record with X could put consumers, national security, and financial stability at risk. She also flagged a “suspicious carveout” in the GENIUS Act, a 2025 stablecoin law, that she says could let companies like X issue stablecoins without standard approvals, and raised concerns about Cross River Bank’s FDIC enforcement history. X Money remains fiat-based, with no stablecoin or token integration confirmed. Grayscale Head of Research Zach Pandl said an eventual move toward deeper crypto integrations seems inevitable. The next milestones are reaching all U.S. markets and potential crypto integration.

Source: https://news.bitcoin.com/x-money-exits-beta-premium-users-6-percent-apy/