🚨BREAKING: Confirmed by Elon — X is launching X Money soon 💸📲
— Tesla Owners Silicon Valley (@teslaownersSV) May 25, 2025
Payments. Banking. The everything app just got even bigger. pic.twitter.com/vVHszUKQC8
A cornerstone of X Money's infrastructure is its partnership with Visa. Through Visa Direct, users will be able to fund their X Wallets, connect debit cards for peer-to-peer payments, and transfer funds to bank accounts in real-time. This collaboration aims to provide seamless financial transactions within the X ecosystem.
To comply with regulatory requirements, X has secured money transmitter licenses in 41 U.S. states, laying the groundwork for nationwide operations. Additionally, the platform has established banking relationships with institutions like Citibank and formed agreements with payment processors such as Stripe and Adyen.
Musk's aspiration for X extends beyond social media and payments. He envisions a super app akin to China's WeChat, integrating messaging, shopping, entertainment, and financial services. X Money is a critical component of this vision, aiming to centralize various aspects of users' digital lives.
The platform's evolution includes features like X TV and the AI chatbot Grok, further diversifying its offerings. By consolidating these services, X seeks to enhance user engagement and create new revenue streams beyond traditional advertising.
While Musk has been an outspoken advocate for cryptocurrencies like Dogecoin, X Money's initial rollout focuses on fiat currency transactions. However, the platform has hinted at future support for digital assets, suggesting that cryptocurrency integration may be on the horizon.
X Money's emergence has attracted attention from regulators and policymakers. Concerns have been raised about data privacy and financial oversight, with some officials questioning the implications of a social media platform managing financial transactions. The platform's expansion into financial services will likely continue to be scrutinized as it progresses.
The beta launch of X Money represents a significant milestone in Elon Musk's endeavor to redefine digital interaction through a unified platform. By integrating financial services into the social media experience, X aims to offer users unprecedented convenience and functionality. As the platform navigates regulatory challenges and prepares for a broader release, the success of X Money could signal a transformative shift in how users engage with digital services.
UAE’s Aqua 1 invests $100M in WLFI DeFi deal
Coinbase becomes the first U.S. firm with EU MiCA license
Coinbase rolls out USDC tool for e-commerce
DMCC, AQUA-INDEX launch tokenized water asset