X Money Expands to More U.S. Users on June 25, Receives Transfers at 6% APY

According to Bloomberg, Elon Musk's X Money payment service expanded to more U.S. users on June 25 after months of delays. Users immediately began sending Musk small amounts of money through the platform. X Money, built on a Visa Direct partnership, offers peer-to-peer payments that settle in near real time, FDIC-insured deposits up to $250,000 through Cross River Bank, and a 6% annual percentage yield on balances. The service also provides metal Visa debit cards with 3% cashback and no foreign-transaction fees.
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