The new service, dubbed X Money, provides annual yields of up to 6% and offers 3% cashback on eligible purchases made with the X Card. To manage the backend infrastructure, X partnered with Cross River Bank, which handles regulated banking functions, wire transfers, and check processing. While X is not itself a bank, it utilizes a cash sweep program that allows eligible users to secure up to $10 million in aggregate pass-through FDIC insurance by distributing funds across multiple participating institutions.
Despite Elon Musk’s history of public interest in digital assets, the platform currently excludes support for Bitcoin, Dogecoin, or other cryptocurrencies. The rollout remains restricted to paying subscribers in the United States, with no confirmed timeline for expansion to international markets or non-premium users. Security for the new suite is managed through passkeys and Visa’s risk-management protocols, aligning with Musk’s 2023 vision of replacing conventional banking for the platform's user base.
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