Desk News || Elon Musk's social media platform X has officially launched its X Money banking service for Premium and Premium Plus subscribers in the United States, marking another step in Musk's vision of transforming X into an "everything app."The service was previously available on a limited trial basis for select top-tier users beginning in late June. It has now been expanded to all eligible Premium and Premium Plus subscribers in the US.According to AFP, X Money allows users to deposit funds, send money to other users, pay bills, make wire transfers, and mail checks without leaving the X app.Customer deposits will be held at New Jersey-based Cross River Bank, a financial institution that partners with several fintech companies. Deposits are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000.Musk has long said he wants X to become a platform similar to China's WeChat, which combines messaging, shopping, and digital payments into a single application and serves as one of the country's primary consumer spending platforms.According to a post by X Money, users can earn up to 6 percent annual returns on eligible deposits. This is higher than the approximately 4–5 percent offered by many of the most competitive high-yield savings accounts in the United States and significantly above the near-zero interest rates typically offered by large traditional banks.The company said Premium Plus subscribers will automatically receive the highest return rate, while Premium subscribers must meet direct deposit requirements to qualify.Cross River Bank described X Money as the first government-insured social media-based banking platform in the United States.With the launch of X Money, the platform is entering the digital payments market and will compete with established services such as PayPal's Venmo, Block's Cash App, and SoFi.However, the new service has also attracted regulatory scrutiny. In a letter sent on April 14, Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee, asked Musk how X Money would generate sufficient revenue to support such high returns. She also referenced a previous FDIC enforcement action against Cross River Bank concerning its lending practices.