TLDR
- X Money, Elon Musk’s payment application, has commenced external beta trials featuring cashback incentives and 6% annual yields
- William Shatner, the legendary actor, participated in early testing and published screenshots from inside the platform
- Cross River Bank holds all deposits with FDIC insurance coverage reaching $250,000 per account holder
- Charitable fundraising efforts saw Shatner auction beta access invitations at $1,000 apiece
- No cryptocurrency features appear in X Money’s current version, contrary to expectations given Musk’s Dogecoin advocacy
Elon Musk has rolled out external beta testing for X Money, his long-anticipated payment application. Initial previews reveal the platform includes cashback incentives, a competitive 6% annual yield on account balances, and federally insured deposit protection.
William Shatner, the iconic actor celebrated for his portrayal of Captain Kirk in Star Trek, became one of the platform’s earliest testers. He proceeded to post multiple interface screenshots across his social media channels.
The revealed images demonstrate that cardholders can accumulate cashback on qualifying transactions. Account holders receive a 6% annual percentage yield on their balances.
Cross River Bank serves as the deposit institution and maintains Federal Deposit Insurance Corporation membership. Each account receives insurance protection up to $250,000 per individual.
X Money represents a crucial component of Musk’s vision to transform X into a comprehensive digital platform. The service aims to consolidate payment processing, communication tools, AI capabilities via Grok, and additional features.
In February, Musk characterized X Money as “the place where all money is.” He positioned it as “the central source of all monetary transactions.”
The application had undergone internal testing since approximately May 2025. Musk revealed on February 11 that external beta testing would precede the full public release.
How Beta Invites Were Distributed
Musk initiated Shatner’s participation by transferring $42 to test the platform’s functionality. Shatner subsequently leveraged this opportunity to benefit charitable causes, selling 42 beta invitation slots for $1,000 each with X’s authorization.
Successful bidders obtained a $25 gift card courtesy of X alongside $1 from Shatner’s original transfer from Musk. An additional auction round followed, offering 166 more invitations at identical pricing.
Beta participation requires US residency, a minimum age of 18, and an X account with proper standing.
Participants in the beta program receive a metal X Money debit card personalized with their username. Visa serves as the card issuer through X’s banking partnership.
No Crypto Integration Yet
Regardless of Musk’s prominent advocacy for Dogecoin, X Money currently lacks any cryptocurrency functionality. The company has not disclosed definitive plans for digital asset integration.
X Money represents Musk’s reentry into financial technology. He originally established X.com during the late 1990s, which eventually consolidated with competitors to form PayPal.
Throughout recent years, X has secured money transmitter licenses across more than 40 American states. Additionally, the organization has completed registration with the Financial Crimes Enforcement Network, enabling peer-to-peer transaction capabilities across its platform.
