Episode Details

Elon Musks X Money: A New Fintech Service Launching Next Month

Elon Musk announced X Money, a new payments feature for the social app X, set to launch next month. This service aims to transform the platform into a full-fledged fintech service, offering peer-to-peer transfers, bank deposits, debit cards, and cashback rewards. X Payments, a subsidiary of X, is already licensed to operate in over forty U.S. states, with Visa as a key partner for funding accounts.

Dogecoin surged by up to eight percent following the news, reaching nearly ten cents before settling around nine point three cents. This made it the top performer among major cryptos over the last day and week. Although Musk has expressed his fondness for Dogecoin and Tesla accepted it for merchandise, theres no mention of cryptocurrency in X Moneys plans.

The real excitement lies in the potential six percent yield on balances, which outperforms most U.S. savings accounts. This launch coincides with Congress debating the CLARITY Act on stablecoin rules, raising questions about non-bank apps offering high returns to everyday users.

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