What Happened?
Elon Musk has indirectly confirmed that the payment and banking service X Money will soon launch a beta test, marking a key step in his ambition to transform X into a “super app” akin to WeChat. X has been actively obtaining remittance licenses across the United States and is considering the integration of blockchain technology, Bitcoin, or other cryptocurrencies.
The launch of X Money will leverage X’s vast user base and aims to provide payment and banking services. However, its success will hinge on the ability to establish user trust, offer compelling services, and ensure a seamless user experience. This initiative has also sparked some controversy, with U.S. senators questioning the motivation behind acquiring users’ personal financial data.
Musk not only aims 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 harbors long-term goals of fundamentally reshaping the financial system.
Musk Promotes “X Money”: A New Chapter in Fintech and Its Challenges
Tesla CEO Elon Musk is actively expanding into the financial services sector through his “super app” X, hoping to disrupt traditional Wall Street finance. Recently, Musk personally retweeted a post on the X platform, indirectly confirming the anticipated new service “X Money” is set to launch.
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
X Money is a financial service feature actively being developed by 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 possibly cryptocurrency in the future, similar to China’s WeChat.
According to reports, the post Musk retweeted indicated that “X will launch X Money,” which was subsequently echoed 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 test version” and emphasized the need for “extreme care when it comes to people’s savings.”
According to data from the National Multi-State Licensing System, as of the time of publication, X has actively obtained multiple remittance licenses across the United States for X Money, having secured 41 so far. The official account for X Money also indicated that the platform is expected to launch officially this year.
The Ambition of Creating a “Super App”
Since Musk acquired Twitter and renamed it X, he has been actively obtaining remittance licenses across various U.S. states to realize his vision of transforming X into a “super app” similar to WeChat in China. More ambitiously, in February of this year, Musk expressed his desire to move the U.S. Treasury onto the blockchain, which is the foundation of Bitcoin and other cryptocurrencies.
Linda Yaccarino, CEO of X, revealed in 2023 following the rebranding from Twitter to X that the app would possess “limitless interactivity,” including support for various media formats, and would incorporate payment and banking functionalities. She also predicted that payment features would debut on the X platform in 2025.
This news has sparked widespread speculation about whether X might adopt or support Bitcoin, cryptocurrencies, or stablecoins pegged to the U.S. dollar, as these technologies could 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 its vast user base, lays a solid foundation. However, the key to success lies in addressing user trust issues, providing compelling usage incentives, and delivering a seamless and innovative payment experience.
Nonetheless, Musk’s fintech ambitions have also sparked some controversy. Musk, who is deeply involved in government affairs through DOGE (Department of Government Efficiency), quickly faced backlash from U.S. officials. For instance, Democratic Senator Elizabeth Warren criticized X’s payment platform plans in February, questioning Musk’s attempt to acquire users’ personal financial data amid losses on X.
Despite facing multiple challenges related to technology, trust, and regulation, Musk has demonstrated his firm determination for this ambitious plan by confirming the beta release on the X platform. It remains to be seen how the development of X Money will impact the existing financial landscape.
References: cointelegraph, forbes