X Money Account Features – “The Carrot”
- Peer-to-peer payments
- Interest-earning cash deposits, 6% APY
- A debit card both physical and digital that earns 3% cash back
- 0% FX fees
- Direct deposit
- FDIC insured up to 250k via relationship w Cross River bank
- Must be over 18 and “verified” on X to use
Also see: Grok on X Money and 6% APY: Is the New X Money Account Too Good to Be True?
Chamath Palihapitiya Tweet
Chamath was quote tweeting this:
- “Your 𝕏 profile becomes your financial identity. Everyone you follow is already there. Everyone you interact with is already there. That social graph becomes your distribution engine.”
- “Look at WeChat in China, which Elon always alluded to. Payments, messaging, shopping, investing – all integrated in one app. It handles $ trillions in volume and became deeply embedded in everyone’s daily life. Now 𝕏 is building the Western version of that, but with a more global reach, and xAI’s AI layered on top of all this.”
Balaji Srinivasan Tweet
Other relevant Balaji tweets
- AI for creation, crypto for monetization, social for distribution.
- AI is about building a new god, Crypto is about building a new state.
xAI Pentagon contracts – “The Stick”
X merged with xAI and now merging with SpaceX to form one single company.
- Elon Musk’s AI Startup xAI Strikes Deal With Pentagon To Deploy Grok Models For Military And Civilian Use
- xAI’s Grok Secures Pentagon Deal for Classified Military AI Systems Amid Anthropic Dispute
- State Department and Pentagon using X for psyops
It’s also an intelligence contractor via Space Force:
- Classified Contracts Underscore SpaceX’s Deepening Ties With US National Security Agencies
- Musk’s SpaceX Forges Tighter Links With U.S. Spy and Military Agencies
Trusting the Pentagon/Intelligence contractor to keep your money safe and not to nuke your account if you say the wrong thing – what happens when “freedom of speech is not freedom of reach” becomes a tool of financial censorship.
CFPB/DOGE, regulation overhaul:
Related to DOGE was the early 2025 push a “modernization” of government payment rails
At the time Musk, was highly influential.
If you take Musk at his word that – “If done right, X would be half of the global financial system”, the March 2025 EO to move funds paid to and paid by the US government to digital payments helps facilitate Musk’s vision. EO notably mentioned “banking the unbanked”, a buzzword for stablecoins, and digital wallets specifically.
CFPB angle – DOGE eliminated CFPB which would have regulated it, as it regulated other digital payment companies.
- Is Elon Musk Undermining CFPB to Boost X Crypto & DOGE Payments?
- Elon Musk’s DOGE takes aim at agency that had plans of regulating X
Marc Andreessen told Joe Rogan that CFPB “terrorized” fintech
- Oligarchs and the Trump Admin: Marc Andreessen
- Tech Billionaire Marc Andreessen Bet Big on Trump. It’s Paying Off for Silicon Valley.
Cross River Bank Overview (X Money Banking Partner)
Cross River Bank:
Mr. Gade started Cross River, which has its headquarters in Fort Lee, N.J., in 2008 after more than a decade of working on Wall Street. That included a stint as the chief financial officer of First Meridian Mortgage, which operated for a few years as Trump Mortgage after licensing the name of the future president. (Mr. Gade left soon after the name change, and said he had no ties to President Trump or his administration.)
The plan was to buy distressed assets on the cheap after the Great Recession, but a new opportunity came along in 2010. A fintech, GreenSky, had a deal with Home Depot to offer customers financing for repair and renovation projects, but needed a partner with a banking charter to make the loans. It was the bank’s first foray into a lucrative new market: It now writes loans for everything from Peloton exercise bikes to funerals, then typically sells the loans back to the fintechs that originated them.
This business model is known in the financial industry as “rent-a-charter” — the banks handle the industry’s strict regulatory demands, while the fintechs furnish the shiny interfaces. But the arrangement has downsides. Critics warn that it can enable predatory lending as fintechs dodge and weave around state usury caps and other consumer protection laws.
- From NYT: The Tiny Bank That Got Pandemic Aid to 100,000 Small Businesses
- FDIC settlement: FDIC Announces Settlement with Cross River Bank, Teaneck, New Jersey, and Freedom Financial Asset Management, LLC, San Mateo, California, for Unfair and Deceptive Practices
- The Tiny Bank That Got Pandemic Aid to 100,000 Small Businesses
- Related reporting on corruption regarding COVID-19 PPP loans
- The Great Grift: How billions in COVID-19 relief aid was stolen or wasted
- ‘Biggest fraud in a generation’: The looting of the Covid relief plan known as PPP
- Over $3.65 Million in PPP Loans Given to Businesses With Ties to Trump Organization, Kushner Properties
- Watchdog raises possible Kushner link to $700M rescue loan
Crypto on X Money
- Fireblocks announcement: Fireblocks exec says Elon Musk’s X Money expected to be crypto-ready by ‘end of this year’
- Benji Taylor hire: Elon Musk’s X hires crypto-savvy design lead as X Money payments push inches closer
Which coins will X Money mainly use?
- Cross River bank is the X money banking partner
- Ripple ties: Cross River Bank to Integrate Ripple for Real-Time International Payments
USDC ties via Cross River Bank
Cross River Bank, a leading infrastructure provider that offers embedded financial solutions, reinforces the importance of true interoperability. “Fintech and crypto innovators increasingly ask us to bring stablecoins into their existing product suite,” said Gilles Gade, Founder, President and CEO of Cross River. “A unified platform that natively supports both stablecoins and traditional payment networks is the foundation for how value will move globally. As one of the first U.S. banks to enable USDC settlement with Visa, we’re demonstrating how a tech-forward, deeply integrated banking partner can connect blockchain networks and legacy systems at scale.”
