Benchmarking against WeChat! Musk's super app takes a key step: X Money officially launches in the US

according to media reports, after more than half a month of invitation testing, Musk's X Money officially launched in the United States on July 27 local time, and is fully available to Premium and Premium+ subscribers.

It is understood that X Money is one of Musk's key initiatives to transform X into a "super app" comparable to WeChat. In 2023, Musk said: "Anything involving money will be on our platform."

Earlier this year, U.S. Senator Elizabeth Warren sent a letter to Musk expressing concerns that X Money could pose risks to "consumers, national security, and the stability of the financial system."

It is reported that X Money integrates account deposits, peer-to-peer transfers, and Visa debit card functions within the X app, allowing users to instantly send, receive, or request money from others within X, with no fees or limits.​​​​

Among them, Premium+ subscribers can get an annualized yield of up to 6%, while lower-tier Premium users must meet direct deposit requirements to reach that rate. Additionally, eligible purchases made with the X Card earn 3% cash back.

After registration, X Money automatically generates a virtual X Card that can be added to Apple Wallet for use with Apple Pay; users can also order a physical metal card with personalized custom names and optional display of the X username.

The deposit account is held by FDIC member bank Cross River Bank, and new users can receive a $15 opening bonus upon registration.

Notably, X Money sparked heated discussions after its internal beta launch in the US at the end of June.

At that time, a user named CoreyTheX sent $25 to the world's richest man, Elon Musk, to test the service, prompting others to follow suit.

CoreyTheX wrote in a tweet: "Call me an idiot, but I just sent $25 directly through X Money to the richest man in the world, Elon Musk, for one reason only: I just wanted to." Musk later replied, thanking him.