X Money, the financial product tied to Elon Musk’s X platform, opened to U.S. X Premium subscribers on June 25 and expanded its rollout again on June 29. Early feature details show a package built around a 6% APY, 3% unlimited cashback, up to $10 million in FDIC deposit coverage, and a black metal Visa card engraved with the holder’s X handle. The offer pushes X beyond social media and closer to a platform with built-in banking-style functions.
High yield, cashback, and a branded card lead the launch
According to the published feature list, cash held in X Money earns 6% APY with no cap, no minimum balance, and no lock-up period. Core deposits are held by Cross River Bank, with standard FDIC protection of $250,000 per depositor. Premium+ subscribers can access the “X Cash Sweep” program, which spreads deposits across multiple FDIC member banks and raises total coverage to as much as $10 million.
On the payments side, the X Card offers 3% unlimited cashback, with exceptions for certain categories including stamps, lottery wagers, and gems or jewelry. The card supports Apple Pay and charges no foreign transaction fees. X also lists free in-platform P2P transfers, wires, bill payments, and ATM withdrawals, while out-of-network ATM fees are reimbursed. Daily limits are set at $75,000 for wires, $25,000 for X Card spending, and $2,000 for ATM cash withdrawals.
Access is limited, and the product is still U.S.-only
The rollout is not global. X Money is currently invite-only and restricted to users in the United States. The source material says X Payments LLC has secured money transmitter licenses in 41 states plus Washington, D.C., but it still does not cover every state.
Even within the U.S., access comes with conditions. Users need an X Premium subscription and a linked U.S. bank account, while public information also suggests a U.S. tax identity such as an SSN or ITIN may be required. That leaves Taiwan users outside the current rollout. The FDIC protection attached to the product is also part of the U.S. banking framework, not a safeguard available to users in Taiwan.
6% APY grabs attention, but regulators are already pushing back
The headline figure is the 6% yield. The source notes that this is close to four times the roughly 1.5% to 1.6% one-year fixed deposit rates offered by banks in Taiwan. That kind of spread is enough to attract attention quickly. It has also drawn scrutiny.
U.S. Senator Elizabeth Warren has publicly questioned whether X Money’s high-yield strategy could threaten financial stability, and Mizuho Bank has also warned that the model may face regulatory obstacles. X has not announced a timeline for launches in other markets. If the company eventually seeks entry into Taiwan, it would need the relevant payment or remittance licenses before operating locally.