- Investment analyst and media personality Paul Barron suggested that X Money could become a major liquidity layer in global finance.
- X money was testing payment features like deposits, transfers, and cashback, according to reports.
- Early screenshots from users show that they may earn up to 6% APY on deposited funds.
As X beta-tested its integrated financial feature, X Money, technologist Paul Barron, among others, has suggested that it could be a good liquidity boost for crypto.
“Fintech just changed forever. With X Money going live, Elon Musk isn't just building a wallet; he's building the world's largest liquidity layer,” media personality and technologist Barron wrote on X on Saturday.
He added that while X Money launched with traditional money, its infrastructure could support future crypto trading. According to Barron, integration with Smart Cashtags could allow users to trade stocks and most likely Dogecoin (DOGE) and Ripple’s XRP (XRP) directly from their timeline. X Money currently has over 600 million active users.
Dogecoin (DOGE) was trading at $0.08, down 1.6% over the past day. On Stocktwits, retail sentiment around DOGE improved from ‘bearish’ to ‘neutral’ zone, as chatter levels around it remained at ‘normal’ levels over the past day.
Early Beta Screenshots Reveal Key Features
Early screenshots of X Money from actor William Shatner, a beta participant, also suggested features such as peer-to-peer payments, direct deposits, and accounts offering up to 6% APY on deposits.
Screenshots shared by Shatner also showed that deposits were held at Cross River Bank, an FDIC-insured institution, with coverage of up to $250,000 per person. The interface included simple functions such as Deposit, Send, and Request, along with options to set up direct deposits, indicating that X Money positioned itself as a full-service digital payments platform rather than just a wallet.
According to a Dogecoin artist, the platform may also be preparing for an international rollout, although no dedicated timeline has been announced.
Musk Supports The Idea Of Stablecoin For X
Although Nikita Bier, product head at X, confirmed earlier that X Money would not directly allow crypto trading, Elon Musk reposted a prediction that outlined a similar vision for the platform’s future.
“There will be high-yield savings, you can invest, you can get loans, have money market accounts, maybe even treasury access, cool smart cashtags that let you see live stock prices in your timeline and execute trades seamlessly, crypto integration, potentially full asset management. Elon literally said this is meant to be the central source of ALL monetary transactions,” the long-term investor in Tesla and SpaceX predicted, Ben Sullins.
In another post, Musk responded with a brief “Yeah,” signaling apparent support for the idea that X Money could evolve into a central hub for financial transactions within the platform. With over 600 million active users on X, X Money seems to be aiming to become an everything app.
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