X Money launches in the US — but it's not Elon Musk's bank

"Musk launched his own bank" is the headline going around — and it's half wrong. On July 27, X Money officially went live in the US for Premium and Premium+ subscribers: P2P transfers, a metal Visa card, up to 6% APY on balances. But X itself isn't a bank and holds no banking license — the actual financial infrastructure is run by a real bank partner, Cross River Bank, Techweez reports.

• X Card (virtual and physical, brushed metal) — 3% cashback, no fees on ATM withdrawals worldwide
• Up to 6% APY on balances — Premium+ subscribers get the rate immediately, Premium users after setting up direct deposit
• Money transmitter licenses secured in more than 40 US states
• Deposits covered up to $10 million, not the standard $250,000 FDIC limit — via a network of partner banks under the IntraFi Cash Sweep program

The service got its first real-world test almost immediately: one user sent Musk $25 directly via P2P, just to try the feature out, Yahoo Finance reports.

We've covered why X Money still has no crypto despite years of rumors and Musk's own well-documented dogecoin bet — why X Money still has no crypto. The public launch of the banking features doesn't change that picture: crypto payment integration is mentioned only as a possible future expansion, with no concrete timeline.

X's "everything app" strategy is clearly moving forward — just without the crypto piece people have been waiting for the longest.

*This piece is informational, not a recommendation to buy, sell, or hold any asset.*