X has rolled out X Money to Premium+ subscribers, with a cash sweep programme offering up to USD 10 million in FDIC deposit coverage.
The rollout marks a broader expansion of X Money beyond its initial limited beta, which the platform first launched in 2025. Under the X Cash Sweep Programme, customer deposits are distributed across a network of partner banks, with each portion covered up to the standard USD 250.000 FDIC ceiling. In addition, through the process of spreading balances across multiple institutions, the combined coverage can reach up to USD 10 million per user. Standard X Money balances, by contrast, are held by Cross River Bank and insured up to USD 250.000 per person.
What X Money offers
The service is built on a partnership with Visa, under which users receive a metal Visa debit card personalised with their account handle, alongside a 6% annual percentage yield on deposits, 3% cashback on purchases, zero foreign-transaction fees, and P2P transfer functionality. X Money has secured money-transmitter licences in 41 US states plus Washington, D.C., though it remains unavailable in New York and Massachusetts.
Elon Musk, chief executive of X, has stated that X Money is designed to make traditional bank accounts unnecessary for users, framing the service as the financial pillar of a broader ambition to integrate payments, messaging, and commerce within a single platform.
A full public rollout to all X users has been targeted for mid 2026, though no confirmed completion date has been announced.
Regulatory scrutiny
The expansion arrives amid growing regulatory attention. Senator Elizabeth Warren has written to Musk raising concerns about consumer protections and the platform's preparedness to safeguard user funds. That scrutiny has intensified as X Money has added features and extended its reach to more users.
The tension between Musk's public stance on deregulation and his entry into a tightly regulated area of consumer finance has attracted commentary from critics. Proponents of the service argue that its reliance on FDIC-backed deposits, Visa payment rails, and established bank partnerships positions X Money within, rather than outside, the existing regulatory framework.
For the platform itself, the Premium+ rollout represents a measured approach that targets its most active and highest-spending subscribers ahead of a wider public launch. With several registered users, even modest conversion rates among that base could translate into a material presence in the US consumer finance market.
