X Money Launches with Fiat-Only Wallet, No Crypto in Sight

X Money has officially launched as part of Elon Musk's X app, offering users a fiat-only wallet experience. The product allows users to hold a USD balance, send money to any @handle, link an external bank account, take direct deposit, and spend on a metal Visa debit card stamped with their username.

The advertised terms include a 6% annual yield on balances, 3% cashback on card spending, no foreign transaction fees, and free ATM withdrawals. Dhruv Batura, who runs the product, described the June 25 release as a deliberately small one, intended to surface problems before a wider launch.

X is not a bank and does not hold a banking charter. It operates through X Payments LLC, which holds money transmitter licenses in 41 states and the District of Columbia. The service is unavailable in New York and Massachusetts, two of the largest financial markets in the country, pending state approvals.