What Happened?
Elon Musk has indirectly confirmed that X’s payment and banking service, X Money, will soon launch a beta version, marking a key step in his ambition to transform X into a WeChat-like “everything app.” X has been actively obtaining remittance licenses across the United States and is considering integrating blockchain technology, Bitcoin, or other cryptocurrencies.
The launch of X Money will leverage X’s vast user base and plans to provide payment and banking services. However, its success will depend on building user trust, offering appealing services, and ensuring a seamless user experience. This initiative has also sparked some controversy, as U.S. senators have questioned the motivations behind acquiring users’ personal financial data.
Musk aims not only to provide everyday financial services through X Money but has also expressed a grand vision of moving the U.S. Treasury onto the blockchain. This indicates that he is not merely satisfied with payment functionalities but has long-term goals of fundamentally reshaping the financial system.
Musk Drives “X Money”: A New Chapter in Fintech and Its Challenges
Tesla CEO Elon Musk is actively expanding the financial services sector through his “everything app” X, hoping to disrupt traditional Wall Street finance. Recently, Musk personally retweeted a post on the X platform, indirectly confirming that the highly anticipated new service “X Money” is set to launch.
This will be a very limited access beta at first. When people’s savings are involved, extreme care must be taken.— Elon Musk (@elonmusk) May 25, 2025
X Money is the financial service feature actively being developed on Musk’s social platform X (formerly Twitter). In simple terms, Musk hopes to transform X from a social media platform into an “everything app” capable of handling payments, banking, and potentially cryptocurrencies in the future, similar to China’s WeChat.
According to reports, the post Musk retweeted mentioned that “X will launch X Money,” which was subsequently shared by the widely followed “Tesla Owners Silicon Valley” account, emphasizing features such as “payments and banking.” Musk responded by stating that this will be “a rather limited beta version” and stressed that “extreme care must be taken when savings are involved.”
As of the time of publication, data from the National Multi-State Licensing System indicates that X has been actively obtaining multiple remittance licenses across the United States for X Money, having secured 41 so far. The official account for X Money has also indicated that the platform is expected to launch officially this year.
Ambition to Create an “Everything App”
Since Musk acquired Twitter and renamed it X, he has been persistently working to obtain remittance licenses across U.S. states in pursuit of transforming X into an “everything app” akin to China’s WeChat. More ambitiously, in February of this year, Musk stated his hope to move the U.S. Treasury onto the blockchain, a technology that underpins Bitcoin and other cryptocurrencies.
Linda Yaccarino, CEO of X, revealed in 2023 after the rebranding that the app would feature “infinite interactivity,” including support for multiple media formats, and will integrate payment and banking functionalities, with a forecast for payment features to be launched on the X platform by 2025.
This news has sparked widespread speculation about whether X could adopt or support Bitcoin, cryptocurrencies, or stablecoins pegged to the dollar, as these technologies help enhance transaction speed and reduce costs.
Joanne Kumire, a banking and payments analyst at GlobalData, pointed out that X Money’s strategic layout in the payments sector, including obtaining licenses, leveraging Visa support, and a vast user base, has laid a solid foundation. However, the key to success lies in addressing user trust issues, providing compelling usage incentives, and ensuring a seamless and innovative payment experience.
However, Musk’s fintech ambitions have also sparked some controversy. Musk, who is deeply involved in government affairs through DOGE (Department of Government Efficiency), soon faced backlash from U.S. officials. For instance, Democratic Senator Elizabeth Warren criticized X’s payment platform plans in February, questioning Musk’s motives for acquiring users’ personal financial data amid losses on X.
Despite facing multiple challenges related to technology, trust, and regulation, Musk’s confirmation of the beta release on the X platform demonstrates his firm commitment to this ambitious plan. How the development of X Money will impact the existing financial landscape remains to be seen.
References: cointelegraph, forbes