X began rolling out its X Money payments service to select Premium+ subscribers, headlined by a new Cash Sweep Program that can provide up to $10M in FDIC coverage, roughly 40 times the standard $250,000 limit. The sweep parcels a balance out among multiple partner banks so each piece stays under the $250,000 ceiling, while standard balances sit at Cross River Bank, and the account also advertises a 6% APY, a metal Visa debit card, 3% cashback, and peer-to-peer transfers. Musk has pitched X Money as a rival to conventional banks and the core of his everything-app ambition, with the service licensed in 41 states plus DC but not yet New York or Massachusetts. The expansion arrives under intensifying scrutiny, with Senator Elizabeth Warren pressing Musk on consumer protections, ahead of a full public rollout targeted for mid-2026.
