X launches X Money for Premium+ users, with FDIC insurance coverage of up to $10 million

Elon Musk's X platform's X Money service head Dhruv Batura announced on June 25 that X Money has begun rolling out built-in banking tools within X to select US Premium+ users, offering up to $10 million in FDIC insurance through the X Cash Sweep Program.

X Cash Sweep Program provides up to $10 million in FDIC insurance

(Source: X Money)

X Money offers users up to $10 million in FDIC insurance through the X Cash Sweep Program. According to Bloomberg, some early users tested the X Money platform earlier this year, with feedback including 3% cash back on qualifying purchases and a 6% interest rate on cash savings.

In a post, Musk stated that X Money was expected to open to the public early in April; this rollout to Premium+ users comes shortly after X's parent company SpaceX went public earlier this month.

X Money announces rollout to more US users, will gather feedback before wider release

X Money head Dhruv Batura said in a post that X Money was released to more US users on Thursday, adding that X will "gather feedback and fix issues before a wider release." Before joining X in 2023, Batura spent over a decade at Tesla. Currently, X Money's rollout is limited to select US Premium+ users; X has not announced an official timeline for a full public release.

Musk told employees in February he wants X to be an app you can live in

In February 2026, Musk told X employees: "We want it to be such that, if you want, you can live on the X app." Musk first rose to fame in Silicon Valley as a co-founder of PayPal, and X Money is a payment business concept he has been brewing for years, part of the super app plan to integrate payments, social, and AI into X.

Frequently Asked Questions

What mechanism provides FDIC insurance for X Money?

X Money offers users up to $10 million in FDIC insurance through the X Cash Sweep Program. The service is currently rolling out to select US Premium+ users, with X stating it will gather feedback and fix issues before a wider release; no timeline for a full public rollout has been announced.

What are the main features reported by early X Money test users?

According to Bloomberg, some early users tested the X Money platform earlier this year, with feedback including 3% cash back on qualifying purchases and a 6% interest rate on cash savings.

What is the background and timeline of X Money's release?

Musk previously stated in a post that X Money was expected to open early in April; this rollout to Premium+ users comes shortly after X's parent company SpaceX went public earlier this month. X Money head Batura said X will first gather feedback before a wider release.