TLDR
- Elon Musk confirmed X Money payment app is entering beta testing with very limited access
- The platform will launch in 2025 and function as a digital wallet partnered with Visa
- X has secured 41 transmitter licenses across the United States for the payment service
- No mention of cryptocurrency or Dogecoin integration despite previous speculation
- Musk emphasized “extreme care” is needed when handling people’s savings
Elon Musk has confirmed that X Money, the long-awaited payment and banking service for his social media platform, has entered beta testing.
The Tesla CEO announced on May 25 that the initial testing phase will have “very limited access” as the company prepares for a full launch in 2025.
Musk made the confirmation after a Tesla fan account posted that X would be “launching X Money soon.” The billionaire responded directly, stating that when people’s savings are involved, “extreme care must be taken.”
The payment service represents part of Musk’s broader vision to transform X into an “everything app.” This concept dates back to October 2022 when he described his $44 billion Twitter acquisition as “an accelerant to creating X, the everything app.”
This will be a very limited access beta at first. When people’s saving are involved, extreme care must be taken.
— Elon Musk (@elonmusk) May 25, 2025
Visa Partnership Powers Digital Wallet Function
X CEO Linda Yaccarino revealed in January that X Money would launch through a partnership with Visa. The service will allow users to connect their debit cards and make peer-to-peer payments similar to existing services like Venmo.
Users will be able to fund digital wallets from their bank accounts and use the platform for various transactions. The Visa partnership provides the infrastructure needed to process traditional banking transactions through the social media platform.
X has been actively securing the necessary regulatory approvals for the payment service. The company has obtained 41 transmitter licenses across the United States through the Nationwide Multi-State Licensing System.
No Cryptocurrency Integration Announced
Despite widespread speculation about cryptocurrency integration, neither Musk’s recent announcement nor previous official statements mention digital assets like Dogecoin. This comes as a surprise to many observers who expected crypto payments given Musk’s history of promoting Dogecoin.
Financial Times previously reported that while X Money would initially focus on fiat currencies, engineers were building the system to potentially add cryptocurrency payments later. However, no concrete plans for crypto integration have been officially announced.
Musk has stated he is “not actively involved” in the crypto world but has expressed fondness for Dogecoin because “it’s got the best sense of humor and it has dogs and memes.” The coin briefly spiked in January following payment platform announcements but has since stabilized.
The payment platform originally faced political scrutiny from Democratic Senator Elizabeth Warren. She criticized the plans in February, suggesting Musk wanted to collect users’ personal financial data through the service.
X Money’s development has accelerated since Musk’s appointment to head the Department of Government Efficiency under President Donald Trump. The platform was initially expected to launch in mid-2024 but has been pushed to 2025 to ensure proper testing and regulatory compliance.
Oliver Dale
Editor-in-Chief of CoinCentral and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact Oliver@coincentral.com
