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X Money, Elon Musk’s payment and banking app, has entered limited beta testing ahead of its planned 2025 launch.
“This will be a very limited access beta at first,” Musk said in response to a May 25 post by Tesla Owners Silicon Valley on social media platform X. “When people’s savings are involved, extreme care must be taken.”
The crypto community is watching the development closely, in anticipation that X Money, launched after Musk bought X in 2022, may incorporate Bitcoin and perhaps even Musk’s favorite meme coin, Dogecoin. Musk is known as the “DogeFather” and often tweets about the biggest meme coin by market capitalization.
The platform’s peer-to-peer design suggests it could support crypto transactions alongside traditional banking features.
X Money To Launch In 2025
The beta launch for X Money and the subsequent confirmation by Musk follows a series of reports that the platform might launch this year based on code leaks in January.
The official X account for X Money also shows that the platform’s intended launch is set for 2025.
X has been actively trying to obtain multiple transmitter licenses for the payments platform across the US. So far, 42 such licences have been secured, according to the Nationwide Multi-State Licensing System.
X Money will also operate through a partnership with Visa, which will allow users to connect their debit cards for peer-to-peer transactions.
Excited for @Visa to help power @XMoney https://t.co/ZeRjqr0u9I
— Cuy Sheffield (@cuysheffield) January 28, 2025
The service will function as a digital wallet where users can fund accounts from banks and then send and receive money similar to how they would with solutions like Venmo and other platforms.
Musk’s Payments Plan Criticized By Elizabeth Warren
Democratic Senator Elizabeth Warren has criticized X’s payment plans, in part because of Musk’s recent involvement in government.
“Musk has lost money hand over fist on X,” she said. “So he has this idea of X becoming a big money platform where he would get everyone’s personal financial data.”
X Money seemed to gain more steam after US President Donald Trump’s election win. After retaking the White House, Trump appointed Musk as the head of the Department of Government Efficiency (DOGE).
But Musk has said recently that he’s reducing his involvement in DOGE to spend more time on Tesla and his other ventures.
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