Elon Musk has made significant strides in the development of X Money, a feature previously clouded by speculation and anticipation. As of late Sunday, Musk revealed that this initiative is entering a live testing phase, although there’s no clear indication of Dogecoin’s inclusion in this new financial ecosystem. Responding to an enthusiastic tweet, Musk stated, “This will be a very limited access beta initially. When people’s finances are at stake, we must be meticulous.” The announcement highlights a pivotal move towards realizing Musk’s vision of a comprehensive payment service within his “everything app.”
This confirmation sheds light on a timeline that Musk has been hinting at since he acquired Twitter in 2022 and rebranded it as X. X Money aims to serve as an integrated wallet and banking solution directly within the social media platform, drawing parallels to Tencent’s highly functional WeChat. Early indicators suggest the service may be available broadly across the U.S. “later this year.” However, Musk’s comments imply that the first users will be limited to a small group, creating a controlled setting to monitor transactions and behaviors under real-world conditions.
The cautious nature of the beta testing can be attributed to the complex regulatory environment. X Payments has successfully secured money-transmitter licenses across 41 states and the District of Columbia, according to company filings with the NMLS. Notably absent is New York, which imposes stringent regulations, including the infamous BitLicense for any activities related to cryptocurrency.
Recently, two lawmakers from Manhattan urged the New York Department of Financial Services (DFS) to review X Money’s application with skepticism. They expressed concerns over Musk’s “pattern of reckless behavior,” suggesting he may not be the right candidate to manage consumer funds. In assembly, one of the representatives emphasized that “what we’re considering is Elon Musk integrating himself into our financial framework, gaining access to sensitive consumer data.”
Meanwhile, California has already issued its license, paving the way for a partnership with Visa as X Money’s inaugural network collaborator. At this year’s CES, X’s CEO Linda Yaccarino mentioned that users would be able to fund their in-app “X Wallet” instantly through Visa Direct, allowing seamless transfers to bank accounts in real time. She hinted that this collaboration is merely the beginning of a series of major announcements planned for 2025.
Is Dogecoin Part of the Plan?
Amidst the buzz surrounding X Money, the crypto community is left wondering whether Musk will incorporate digital currencies, particularly Dogecoin—his favored meme-based coin—into the new payment system. Unfortunately, recent remarks do not indicate such a direction, and Yaccarino’s announcements concerning Visa have not provided any insights either. This ambiguity is striking, especially given years of anticipation that Musk would leverage Dogecoin to bolster user adoption.
If the beta testing period goes smoothly, X Payments aims to expand its availability as it secures additional licenses across the states. The outcome of New York’s decision is crucial, as it could open doors to Wall Street clientele and reinforce X’s position as a dominant player in the national market. Even in the absence of Dogecoin and other crypto functionalities, X stands to earn revenue through transaction fees and wallet services, creating a fresh financial avenue for a platform that, as Musk admitted, is just starting to break even.
At this stage, Dogecoin remains on the periphery, its future contingent on regulatory developments and Musk’s willingness to embrace risk. However, with a live beta taking shape, opportunities for significant technological integration—whether with fiat currencies or cryptocurrencies—are emerging. The Dogecoin community is surely closely monitoring every update, license approval, and subtle cue from Musk’s often enigmatic messages.
As of the latest update, Dogecoin is valued at $0.228.
