Elon Musk's payment app X Money kicked off external limited testing this week. First screenshots reveal 6% annual percentage yield (APY) on deposits, held by FDIC-member Cross River Bank, with up to $250,000 federal insurance. Users also get a personalized Visa metal debit card with cashback on everyday spending. The bundle directly challenges traditional banks and PayPal's turf.
6% APY, Federal Insurance, Metal Card — A Direct Bank Challenge
Most traditional U.S. savings accounts offer far lower rates. X Money's starting rate is aggressive. Deposits are federally insured, and the physical metal card pushes the platform beyond social media into full banking. Over recent years, X has secured money transmitter licenses in over 40 states and registered with the Financial Crimes Enforcement Network (FinCEN). X Money is a core piece of Musk's "everything app" vision, covering payments, AI chatbot Grok, creator content, and verification.
"Captain" Shatner Auctions Test Invites at $1,000 Each for Charity
One of the first external testers is veteran Hollywood actor William Shatner — Captain Kirk from Star Trek. Musk initially sent Shatner $42 in test funds. Shatner then, with X's permission, auctioned 42 test invites at $1,000 each for charity. Each winner also got a $25 welcome gift card from X. After the first batch sold out quickly, a second round of 166 invites was released, also priced at $1,000. Eligible applicants must be U.S. residents aged 18 or older with an active X account in good standing.
Crypto Community Awaits, X Money Holds Steady
Despite Musk's long public support for Dogecoin (DOGE), crypto enthusiasts have speculated that DOGE would be integrated into X's payment ecosystem. But X Money shows no sign of any crypto integration so far. For DOGE holders, it's a letdown. Strategically, X may be choosing to first establish a fiat payment foothold and gain regulatory trust before exploring digital assets. The company is still completing its state license puzzle; premature crypto addition could invite extra regulatory scrutiny.