Elon Musk quietly confirms X money “happening soon” amid dollar troubles
Elon Musk has confirmed that X will launch X money soon. This is setting up the social media platform to be an everything app, as Musk wanted. The money service is expected to give users a digital wallet on X to store money and make peer-to-peer transfers.
The information has been made public by an Elon Musk and Tesla fan account, after which the repost was picked up by the widely-followed Tesla Owners Silicon Valley account. It added, “Payments. Banking. The Everything app just got even bigger.”
🚨BREAKING: Confirmed by Elon — X is launching X Money soon 💸📲
Payments. Banking. The everything app just got even bigger. pic.twitter.com/vVHszUKQC8
— Tesla Owners Silicon Valley (@teslaownersSV) May 25, 2025
Elon Musk commented, “This will be a very limited access beta at first […] When people’s saving are involved, extreme care must be taken.” The project has not started yet. Musk has been getting money transfer licenses in states across the country since he bought Twitter and changed its name to X.
X to become the US WeChat
Industry leaders have been adding financial services to social media platforms for a long time. Nearly ten years ago, Meta made Facebook Marketplace, a place where people could buy and sell things. While TikTok has a Shop, it also has a Creator Rewards program that lets artists make money.
However, the new thing about X Money is that it lets you make quick payments from the app. TikTok says that payments made through PayPal are usually handled in 72 hours. Musk has said in the past that he wants people to do all of their banking on his platform and that one day, “you won’t need a bank account.”
Visa said earlier this year that it would be the first company to work with X Money. Through the agreement, users would be able to safely send money to X from their checking account or debit card.
Not to say that there are no competitors. There are a lot of players in the market for mobile payment apps. Millions of people use them regularly. However, X Money is the most tightly linked mix of money and social media the US market will see. This is a popular pairing in other parts of the world; Tencent’s WeChat is a good example of the service.
X Money LLC is now registered with money transmitter licenses in 40 states plus the District of Columbia. It is also registered with the Financial Crimes Enforcement Network (FinCEN).
Joanne Kumire, lead banking and payments analyst at GlobalData, said in emailed comments, “Acquiring money transmitter licenses, leveraging Visa’s support, and tapping into X’s existing user base create a strong foundation However, the challenge lies in turning potential into action. To succeed, X will need to address trust concerns, offer compelling reasons for users to switch, and deliver a seamless, innovative payment experience.”
The odds that Musk will allow crypto transitions
While working with DOGE, Musk said that he wanted to put the US Treasury on a blockchain. This is the technology that Bitcoin and other crypto coins are based on. Musk is a huge fan of crypto and especially the Doge memecoin.
Also, earlier this year, Linda Yaccarino, CEO of X, said that payments would be coming to the social media platform in 2025. This led to a lot of wild speculation that the platform might use or support bitcoin, crypto, or dollar-pegged stablecoins that use crypto technology to make transactions faster and cheaper.
In the meantime, the crypto market is doing extremely well, with the biggest coin (BTC) managing to maintain above $100k. On the other hand, the dollar has been affected by the uncertainties that have come with Trump’s administration. This has led to the US states approving of the strategic Bitcoin reserve.
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Elon Musk quietly confirms X money “happening soon” amid dollar troubles
Elon Musk has confirmed that X will launch X money soon. This is setting up the social media platform to be an everything app, as Musk wanted. The money service is expected to give users a digital wallet on X to store money and make peer-to-peer transfers.
The information has been made public by an Elon Musk and Tesla fan account, after which the repost was picked up by the widely-followed Tesla Owners Silicon Valley account. It added, “Payments. Banking. The Everything app just got even bigger.”
🚨BREAKING: Confirmed by Elon — X is launching X Money soon 💸📲
Payments. Banking. The everything app just got even bigger. pic.twitter.com/vVHszUKQC8
— Tesla Owners Silicon Valley (@teslaownersSV) May 25, 2025
Elon Musk commented, “This will be a very limited access beta at first […] When people’s saving are involved, extreme care must be taken.” The project has not started yet. Musk has been getting money transfer licenses in states across the country since he bought Twitter and changed its name to X.
X to become the US WeChat
Industry leaders have been adding financial services to social media platforms for a long time. Nearly ten years ago, Meta made Facebook Marketplace, a place where people could buy and sell things. While TikTok has a Shop, it also has a Creator Rewards program that lets artists make money.
However, the new thing about X Money is that it lets you make quick payments from the app. TikTok says that payments made through PayPal are usually handled in 72 hours. Musk has said in the past that he wants people to do all of their banking on his platform and that one day, “you won’t need a bank account.”
Visa said earlier this year that it would be the first company to work with X Money. Through the agreement, users would be able to safely send money to X from their checking account or debit card.
Not to say that there are no competitors. There are a lot of players in the market for mobile payment apps. Millions of people use them regularly. However, X Money is the most tightly linked mix of money and social media the US market will see. This is a popular pairing in other parts of the world; Tencent’s WeChat is a good example of the service.
X Money LLC is now registered with money transmitter licenses in 40 states plus the District of Columbia. It is also registered with the Financial Crimes Enforcement Network (FinCEN).
Joanne Kumire, lead banking and payments analyst at GlobalData, said in emailed comments, “Acquiring money transmitter licenses, leveraging Visa’s support, and tapping into X’s existing user base create a strong foundation However, the challenge lies in turning potential into action. To succeed, X will need to address trust concerns, offer compelling reasons for users to switch, and deliver a seamless, innovative payment experience.”
The odds that Musk will allow crypto transitions
While working with DOGE, Musk said that he wanted to put the US Treasury on a blockchain. This is the technology that Bitcoin and other crypto coins are based on. Musk is a huge fan of crypto and especially the Doge memecoin.
Also, earlier this year, Linda Yaccarino, CEO of X, said that payments would be coming to the social media platform in 2025. This led to a lot of wild speculation that the platform might use or support bitcoin, crypto, or dollar-pegged stablecoins that use crypto technology to make transactions faster and cheaper.
In the meantime, the crypto market is doing extremely well, with the biggest coin (BTC) managing to maintain above $100k. On the other hand, the dollar has been affected by the uncertainties that have come with Trump’s administration. This has led to the US states approving of the strategic Bitcoin reserve.
Your crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites
Read More