Elon Musk has ignited fresh excitement for his “everything app” vision. On May 25, he confirmed X Money a payments and banking platform, is entering limited beta testing, with a full launch planned for 2025. The announcement follows years of groundwork, regulatory manoeuvring, and cautious steps to protect user funds. Here’s the latest-
Beta Testing Begins With “Extreme Care”
Musk revealed X Money’s beta phase in a May 25 X post, responding to a fan account’s claim about the platform’s imminent launch. “Very limited access beta at first,” he wrote, stressing the need for caution when handling savings. His emphasis on security echoes past statements, aligning with X’s gradual rollout strategy. The billionaire has yet to share specific beta timelines or participant criteria.
41 Licenses Secured
X Money’s U.S. expansion hinges on regulatory approvals. To date, X Corp has secured 41 money transmitter licenses nationwide, per the Nationwide Multi-State Licensing System. These licenses enable financial operations across states, though hurdles remain. Senator Elizabeth Warren criticised Musk’s plans in February, alleging risks to consumer data. “He wants everyone’s personal financial data,” she argued, referencing his clashes with the Consumer Financial Protection Bureau.
From Twitter to X
Musk first hinted at X Money in October 2022, calling his $44 billion Twitter buy “an accelerant” for creating an “everything app.” By 2023, Twitter rebranded to X, with CEO Linda Yaccarino outlining plans for payments, banking, and “unlimited interactivity.” Initial rumours suggested a mid-2024 launch, but delays pushed timelines to 2025. Code leaks in January 2024 fuelled speculation, though Musk stayed silent until May.
Political Ties and Musk’s Government Role
X Money’s development coincided with Musk’s January appointment to a U.S. government efficiency initiative under the Trump administration. His role reportedly involves “workforce optimisation.” Critics like Warren argue this dual position creates conflicts, particularly as X seeks financial dominance. Musk’s team has not addressed these concerns publicly.
Crypto Speculation Persists But Don’t Bet Yet
Despite Musk’s affinity for Dogecoin and Bitcoin, X Money’s crypto role remains unconfirmed. The 2023 rebrand sparked rumours of Bitcoin integration, but recent updates focus on fiat transactions. X Money will include a Visa-powered card for spending, resembling conventional platforms like Venmo. Analysts suggest crypto features, if added, might emerge post-launch, prioritising stablecoins for stability.
2025 Launch
X Money’s 2025 debut aims to merge payments, social media, and banking in a bold leap toward Musk’s “everything app” dream.However, challenges loom: regulatory battles, data privacy fears, and Musk’s recent financial losses at X. The platform’s success hinges on balancing innovation with user trust. As beta testing expands, all eyes remain on Musk’s next move.
Written By Fazal Ul Vahab C H
