Jakarta –
Elon Musk announced that X will launch a payment feature X Money. X Money can be used for transfers, bank deposits, and even debit cards.
Launch Coin DeskSunday (15/3/2026), Elon Musk said that the payment feature in the X social application will be launched next month. The platform is licensed in more than 40 United States states through its subsidiary X Payments and partners with Visa for account funding.
Dogecoin rose slightly after the announcement, even though there was no reference to crypto at all. It is currently down 2.5% in the last 24 hours in line with the general decline in crypto prices.
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This reflex move reflects a pattern that has occurred several times since 2021. When Musk said something about payment X, and DOGE rose on speculation that he would integrate it.
Musk calls dogecoin his ‘favorite cryptocurrency’ and Tesla is accepting DOGE for merchandise in 2022. However, X Money as described is a pure fiat product, with transfers between individuals, bank linking, debit cards. Yes, it’s more like Venmo as a social media app, rather than a crypto wallet.
Accordingly, X’s head of product, Nikita Bier, said in February that crypto trading tools would come to X via Smart Cashtags, but clarified that the platform would not execute trades or act as a broker.
Furthermore, Musk recently reposted a third-party estimate of X Money’s future features including crypto integration, but the company has not confirmed anything.
What’s interesting about X Money is the 6% yield on balances in the X app which is higher than almost all US savings accounts and competitive with money market mutual funds. Whether it is subsidized by X to encourage adoption, generated from loan deposits, or supported by other mechanisms is critical to how regulators view it.
The timing of the launch coincides with Congressional debate over the CLARITY Act, which would set rules for yield-bearing stablecoin products. X Money is not a stablecoin product, but it targets the exact same consumer demand, namely people looking for better returns than their banks offer, through different regulatory channels.
(ask/ask)
