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Cross River will power X Money peer-to-peer payments and debit cards
Cross River said its banking infrastructure will include FDIC-insured, interest-bearing accounts, as X Money moves toward a wider rollout after limited external beta testing.
Cross River said it will provide the banking infrastructure for X Money, the financial services platform being integrated into X. The service will be enabled through Cross River’s payment rails, supporting peer-to-peer payments, FDIC-insured interest-bearing accounts, and Visa debit cards as X expands its financial offerings.
Cointelegraph reports Cross River is positioning its regulated banking platform as embedded infrastructure for payments, cards, lending, and cryptocurrency services for fintech and technology partners, though the announcement itself did not mention direct support for cryptocurrencies or stablecoins.
X Money has been tested in phases, with Elon Musk confirming in May 2025 that it was in limited beta and that the initial rollout would be constrained because of the need for “extreme care” when handling users’ savings.
According to Cointelegraph, X Money later expanded to a limited external beta in March 2026 ahead of a wider launch, while X has also obtained money transmitter licenses in more than 40 US states and registered with the Financial Crimes Enforcement Network for peer-to-peer payments.