Elon Musk has confirmed that X Money, the long-anticipated payments service for his social media platform X, is entering beta testing—though the rollout will be highly restricted and will not yet support cryptocurrencies.
Responding to a post on May 25 from the Tesla Owners Silicon Valley account, Musk revealed that X Money would soon begin its beta phase, stating: “This will be a very limited access beta at first. When people’s savings are involved, extreme care must be taken.” The remarks marked Musk’s first direct acknowledgment of the project’s beta status, although previous reports and code leaks had pointed to a 2025 launch window.
X Money is expected to offer peer-to-peer payments and other financial services within the X platform, supporting Musk’s broader vision of building an “everything app.” Early features include debit card integration and fiat wallet services—supported through a partnership with Visa. However, crypto fans were left disappointed by the lack of any mention of Dogecoin or other digital assets in this early version.
Since acquiring Twitter in 2022, Musk has frequently hinted at adding financial tools to the platform, often referencing Dogecoin in speculative discussions. Yet, despite X securing 41 money transmitter licenses across the U.S. as of May, no crypto functionality has been announced.
With a full launch expected later in 2025, the beta will be closely watched for signs of how X intends to evolve into a fintech powerhouse—and whether digital assets will eventually become part of the mix.
Musk Stays Silent on Dogecoin Plans
The world’s richest man—who now serves as an advisor to President Donald Trump—has long teased plans to reshape X into a platform that merges social media, entertainment, and finance. X Money lies at the center of that strategy, promising users a way to manage transactions seamlessly without leaving the app.
Given Musk’s well-documented fondness for Dogecoin, expectations for crypto integration have persisted since his acquisition of Twitter. Many believed Dogecoin would be the first digital currency integrated into the platform, particularly after Musk publicly declared it his favorite crypto and praised its meme-driven culture.
But neither Dogecoin nor any other cryptocurrency was mentioned in the latest X Money announcements. In fact, Musk recently clarified that while he appreciates Dogecoin’s humor and community, he’s “not actively involved” in the crypto space.
For now, X Money remains focused on fiat infrastructure, leaving crypto users wondering whether digital assets will eventually play a role—or remain sidelined.
Beta Launch Spurs Privacy and Crypto Concerns
Since rebranding Twitter to X in 2023, Musk and CEO Linda Yaccarino have expanded the platform’s ambitions, aiming to create an all-in-one hub for communication, media, and finance. Early statements promised “unlimited interactivity” and digital payments, triggering speculation that crypto might play a foundational role.
While a full payments rollout was initially expected by mid-2024, development accelerated after Donald Trump’s return to office and Musk’s appointment to lead the Department of Government Efficiency’s Workforce Optimization Initiative—dubbed DOGE. The agency’s name further fueled speculation about Musk’s crypto leanings and political influence.
Still, not everyone is enthusiastic. Prominent lawmakers, including Senator Elizabeth Warren, have raised alarms over X’s financial ambitions. In a February statement, Warren accused Musk of exploiting the platform to harvest user financial data. “Musk has lost money hand over fist on X. So he has this idea of X becoming a big money platform where he would get everyone’s personal financial data,” she said, citing concerns over weakened consumer protections.
Despite political resistance, Musk’s regulatory groundwork—highlighted by the 41 money transmitter licenses secured across the U.S.—indicates that the rollout of X Money remains on track. Whether cryptocurrencies will eventually be integrated or bypassed remains unclear, but the platform’s transformation is already reshaping the intersection of technology, policy, and finance.
Quick Facts
- X Money has entered limited beta testing with no crypto support
- Elon Musk confirms cautious rollout due to financial risk concerns
- Platform features fiat wallets and debit card integration
- Dogecoin not mentioned despite Musk’s past endorsements
- X holds 41 U.S. money transmitter licenses for expansion
