X Money launches limited test "Deposit to earn 6% annual interest," Star Wars Shatner bids $1000 for an invitation letter

Elon Musk’s payment app X Money officially begins external limited testing this week. Early screenshots show deposits earning a 6% annual interest rate and cashback rewards, with FDIC insurance coverage—meaning X is not just a social platform but directly challenging traditional banks and PayPal’s territory.
(Background: Musk says X Money’s external beta will launch within two months, turning X into a hub for financial transactions.)
(Additional context: Regulatory pressures and talent drain may be cooling Musk’s “X Super App” dream.)

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• 6% Annual Interest + FDIC Insurance: Direct Competition with Traditional Banks
• “Captain Kirk” William Shatner Bids Thousands for Invitation
• Crypto Integration: Community Highly Anticipates, Official Stays Silent

For Musk, X Money marks his return to the payments space—he founded X.com in the late 1990s, which later merged with Confinity to become PayPal. Now, he aims to prove with X Money that a social platform can become “the place where all funds converge.”

“This will be the central hub for all currency transactions,” Musk described X Money in February, calling it a “game changer.” This week, that vision finally took a crucial first step.

6% Annual Interest + FDIC Insurance: Direct Competition with Traditional Banks

Screenshots shared by early testers reveal that X Money accounts offer a 6% annual percentage yield (APY), far above most traditional U.S. savings accounts. Deposits are managed by FDIC-member bank Cross River Bank, with federal deposit insurance coverage up to $250,000.

Additionally, users receive a Visa metal debit card with their username, provided by X’s partner Visa, and enjoy cashback rewards on daily spending. This combo—high interest, federal insurance, physical metal card—targets core businesses of PayPal, Venmo, and traditional banks right out of the gate.

𝕏 Money https://t.co/JQ51VrmQeI
— Elon Musk (@elonmusk) March 4, 2026

Over the past few years, X has obtained money transfer licenses in over 40 U.S. states and registered with FinCEN, paving the way for peer-to-peer payments on the platform. X Money is also a key piece in Musk’s vision of turning X into an “all-in-one app,” encompassing payments, AI chatbot Grok, creator content, and identity verification.

“Captain Kirk” William Shatner Bids Thousands for Invitation

One of the first external testers invited is Hollywood veteran William Shatner—famous for playing Captain Kirk in “Star Trek.” Musk initially sent Shatner a test payment of $42. Later, with X’s approval, Shatner auctioned off 42 test invitations for charity, each at $1,000, with winners receiving a $25 welcome gift card from X.

After the first batch sold out quickly, Shatner and X opened a second round, releasing 166 more invitations at the same $1,000 price. Applicants had to be U.S. residents over 18 with an active, reputable X account.

It came as a pop-up message on my phone. And I was thinking: what the heck is he doing now? 😆 https://t.co/P31z9RXAGR pic.twitter.com/bY92YnjOkw
— William Shatner (@WilliamShatner) March 4, 2026

Crypto Integration: Community Highly Anticipates, Official Stays Silent

Despite Musk’s long-standing public support for Dogecoin (DOGE), fueling speculation that DOGE might be integrated into X’s payment ecosystem, there are currently no signs of cryptocurrency integration within X Money.

This is likely a pragmatic approach: X is first establishing a compliant fiat-based payment system to build trust, then gradually exploring crypto assets. After all, X is still working on obtaining licenses across states, and rushing into crypto could invite additional regulatory scrutiny.