Musk’s X Money Enters Beta With 6% Yield, Banking Integration
Elon Musk's X Money payment platform has launched limited beta testing, offering FDIC-insured deposits through Cross River Bank and a 6% APY—a move positioning X as a financial hub. Early screenshots from beta tester William Shatner reveal cashback rewards and institutional-grade banking infrastructure, though conspicuously absent is any cryptocurrency integration despite Musk's well-documented advocacy for Dogecoin.
The invite-only beta saw slots auctioned for $1,000 each, with proceeds benefiting charity. This rollout aligns with Musk's vision to transform X into an 'everything app' combining payments, AI services via Grok, and social features. Market observers note the 6% yield significantly undercuts traditional neobanks, potentially disrupting deposit markets.
