Musk unveils ‘X Money’ beta…includes 6% annual deposit yield and cashback features

Elon Musk’s payments service ‘X Money’ has begun an external beta test, revealing some of its features.

According to a report by Cointelegraph on the 4th (local time), X Money launched a limited external beta test this week. Early screens that were disclosed indicate it includes deposit interest and payment cashback features.

Beta participants include actor William Shatner, who played Captain Kirk in the film ‘Star Trek.’ Screenshots shared by Shatner show that X Money users can receive cashback on card payments and earn interest of about 6% per year (APY) on deposited funds.

Another screen also confirmed that users’ deposits are held at Cross River Bank, an FDIC-insured bank, and that deposit insurance applies up to a maximum of $250,000 per person.

X Money is one of the core services in Musk’s ‘everything app’ strategy. Musk has said he plans to develop the X platform into an all-in-one platform integrating payments, messaging, an AI chatbot, and content services.

In February, Musk said X Money would be rolled out sequentially to users worldwide after the external beta test. The service is reported to have been in internal testing since at least May 2025.

It has not yet been confirmed whether X Money will support virtual asset (cryptocurrency) payments. Given Musk’s repeated favorable comments about Dogecoin (DOGE), speculation continues that crypto payment functionality could be added later.

Meanwhile, beta participants must be U.S. residents aged 18 or older and hold an X account in good standing. Selected users are also reported to be able to receive a metal ‘X Money’ debit card issued in partnership with Visa.

In recent years, X has secured money-transmitter licenses in more than 40 U.S. states and registered with the Financial Crimes Enforcement Network (FinCEN) as it prepares to launch a peer-to-peer payments service.