Elon Musk’s X Launches Money Service Through Ripple-Linked Bank

The service provides users with a digital wallet, peer-to-peer payment capabilities, and a Visa debit card. Customers can also earn yield on cash balances through the platform’s X Cash Sweep Program, which offers FDIC insurance on balances up to $10 million. Despite the conventional nature of this banking setup, the choice of Cross River Bank has ignited speculation within the crypto community due to the bank's decade-long partnership with Ripple and its prior adoption of the XRP Ledger for cross-border transactions.

While users have theorized that the infrastructure could eventually facilitate blockchain-based settlements or stablecoin integration, neither X nor the bank has confirmed plans to incorporate cryptocurrency. The platform currently functions exclusively on traditional banking rails. This launch follows the recent expansion of X’s Smart Cashtags, which now allow users to view real-time market data for assets including Bitcoin, Ether, and XRP directly within the application. Meanwhile, XRP traders are closely monitoring a key support level near $1.06, as derivatives data indicates a cautious market with a slight decline in futures open interest.