X Money rolls out up to $10M FDIC coverage for Premium+

X has begun rolling out its X Money payments service to selected Premium+ subscribers, offering up to $10 million in FDIC insurance through a new cash sweep program that spreads deposits across multiple partner banks. The limited rollout began this month, and X targets a broader public launch in mid-2026.

Under the X Cash Sweep Program, a user’s balance is divided into smaller deposits placed at a network of partner banks so each portion is insured up to the FDIC’s $250,000 limit. When combined, those deposits can reach as much as $10 million in federal deposit insurance. Standard X Money balances remain held at Cross River Bank and are insured up to $250,000 unless placed into the sweep program.

X advertises a 6% annual percentage yield on deposits. The account includes a metal Visa debit card personalized with a user’s handle, 3% cashback on purchases, no foreign-transaction fees and peer-to-peer transfers. X built the payment rails in partnership with Visa and has money-transmitter licenses in 41 states plus Washington, D.C.; the service is not yet available in New York or Massachusetts. X Money ran a limited beta last year before this expansion to higher-tier subscribers.

Elon Musk posted earlier this year that users “won’t need a bank account,” describing his goal of combining payments, messaging and commerce in the app. X is directing the sweep capability initially to Premium+ members as a controlled rollout aimed at the platform’s most active and higher-paying subscribers.

Regulators and lawmakers are monitoring the product. Senator Elizabeth Warren sent a letter to Musk asking questions about consumer protections and whether X is prepared to safeguard user funds as it adds features and reaches more customers.

X says it plans a full public rollout in mid-2026, though timing and availability could change as the company expands licenses and responds to regulatory reviews. The Premium+ rollout is limited while X scales infrastructure and compliance to support the payments service.