Elon Musk hints at the upcoming release of the settlement service "X Money" Beta version | Will it support cryptocurrency?

Table of Contents* 1. Mr. Musk's "X Money" Limited Beta Version Coming Soon

• 2. What is "X Money"? A digital payment service in partnership with Visa.

• 2.1. Basic Functions: Remittance, Deposits and Withdrawals, Wallet Functions

• 3. Background of the X Money concept and the Everything App strategy
• 4. What is the possibility of support for the cryptocurrency "X Money"?

• 4.1. Outlook on the Introduction of Dogecoin (DOGE)
• 4.2. The Future of Cryptocurrencies Including DOGE

• 5. X Money has obtained a license in 41 states in the U.S.
• 6. Challenges toward the popularization of "X Money"

Mr. Musk's "X Money" Limited Beta Version Launching Soon

Elon Musk, who leads X (formerly Twitter), indicated on May 26, 2025, on his X account that he intends to soon launch the beta version of the payment service "X Money."

He stated in response to a post from the fan community "Tesla Owners Silicon Valley" saying "X Money will be launching soon" that "it will initially be a Beta version available only to a select group of users."

It also emphasizes that "since users' valuable assets are involved, it is necessary to proceed with caution."

This will be a very limited access beta at first. When people’s saving are involved, extreme care must be taken.

— Elon Musk (@elonmusk) May 25, 2025

Initially, it will be offered as a Beta version targeted at a very limited audience.

When handling people's valuable assets, utmost care is required.

What is "X Money"? A digital payment service in partnership with Visa.

Basic Functions: Remittance, Deposit and Withdrawal, Wallet Functions

"X Money" is a remittance and payment service that allows users to transfer funds to each other on X.

According to the announcement made by X Corporation's CEO Linda Yaccarino in January, it will be offered in partnership with the payment giant Visa.

By linking a debit card, users will be able to make peer-to-peer (P2P) transfers. Instant deposits to X Money accounts (wallets) and real-time withdrawals to bank accounts are also planned.

This is expected to become a service that functions as a digital wallet within X, with the official release scheduled for late 2025.

Mr. Musk's vision of the "everything app" is positioned as an important part of this concept.

Background of the X Money Concept and Everything App Strategy

This statement by Mr. Musk comes in response to the official account on X (@XMoney) posting that "X Money is planned to be launched within this year." Earlier this year, there were indications from the source code analysis suggesting "the possibility of launching the service without waiting for approval from all 50 states."

The concept of X Money proposed by Mr. Musk has been suggested since shortly after the acquisition of Twitter in 2022, and he describes the acquisition of Twitter for $44 billion (approximately 6.2568 trillion yen) in October of the same year as a "major step towards realizing the comprehensive super app 'X'."

In 2023, the service name was changed from "Twitter" to "X", and Mr. Yaccarino also spoke about the integration of payment and banking functions within the development plan for a social networking service equipped with features that enable unlimited communication among users. At that time, there was a growing view in the industry that "virtual currencies such as Bitcoin (BTC) may also be supported in the future."

What is the potential for "X Money" cryptocurrency compatibility?

Outlook for the introduction of Dogecoin (DOGE)

On the other hand, there has been no official announcement at this time regarding whether cryptocurrency (digital assets) will be incorporated into X Money.

Mr. Musk has been known to have a particular interest in cryptocurrencies, especially Dogecoin (DOGE), but in the past, he has stated clearly that "there will be no issuance of cryptocurrencies or tokens on X."

The future of cryptocurrencies including DOGE

Industry insiders have pointed out that X Money is initially focusing on remittance services using fiat currency, while also considering the possibility of accommodating cryptocurrencies in response to user needs and market trends.

In the past, Twitter offered features like BTC tipping and profile picture functionality using NFTs, so attention is focused on whether these cryptocurrency features will be revived and expanded on X in the future.

There is great interest in whether cryptocurrencies like DOGE, which Mr. Musk ardently supports, will be officially supported. However, at this stage, it appears that Company X has indicated a policy of not issuing its own cryptocurrency, and it is believed that they are prioritizing collaboration with existing financial infrastructure first.

X Money has obtained a license in 41 states in the U.S.

Company X is also making regulatory preparations towards the realization of "X Money".

It has been reported that they are actively acquiring the licenses required to operate remittance services in each state of the United States, and as of May 2025, they have already secured remittance business licenses in 41 states across the country.

It has also been reported that registration with the U.S. FinCEN (Financial Crimes Enforcement Network), which is a registration agency for payment-related companies, has already been completed. These developments indicate that regulatory compliance for the official launch is steadily progressing.

However, since the acquisition of licenses in all 50 states has not yet been completed, the areas and targets for the beta version provided in the meantime are expected to be limited.

Challenges in the Promotion of "X Money"

On the other hand, while they have secured a stable user base through collaboration with Visa, obtaining numerous licenses, and having a user base of hundreds of millions on X, there are also indications that "it is necessary to provide attractive features that encourage users to gain trust and switch from other services" to achieve widespread adoption.

In the future, after the demonstration in the beta version, there is a focus on improving the functionality and usability of the service based on user responses and requests, developing it into a comprehensive financial service suitable for Mr. Musk's vision of a "consolidated platform."

*Prices are converted at the exchange rate at the time of writing (1 dollar = 142.20 yen)

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Source: Elon Musk's post on X

Writing/Translation: BITTIMES Editorial Department

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