Musk's X Money Expands Nationwide Amid Regulatory Scrutiny
Elon Musk's X Money has rolled out to all Premium subscribers across the United States after leaving its invite-only testing phase. The service offers a Visa-branded debit card with up to $10 million in FDIC-linked coverage, and users can earn a 6% annual percentage yield (APY) on their balance immediately.
The expansion pairs X Money with Cross River Bank's sweep program, which extends FDIC coverage beyond the standard limit of $250,000. However, this move has not quieted regulatory scrutiny, as Senator Elizabeth Warren has pressed X over its banking ambitions, warning that consumers and national security may be at risk.
X Money currently operates in 41 states and Washington, D.C., but New York and Massachusetts remain holdouts. The product's current build is a starting point rather than an endpoint, according to Grayscale Head of Research Zach Pandl, who believes the service will eventually integrate with deeper crypto assets.