Imitating WeChat Pay? Musk Responds to Upcoming Release of X Money

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AuthorYulia Zeng

May 27, 2025 11:10 AM

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TradingKey - On May 26th, Elon Musk, CEO of Tesla, announced on the social platform X (formerly Twitter) that its digital payment service X Money has entered a small-scale Beta testing phase.

In his tweet, he emphasized the need for "the utmost vigilance" when it comes to features involving user savings.

As a core component of the "super app" strategy proposed during the acquisition of Twitter in 2022, X Money plans to integrate services related to social interaction, payments, and banking, creating a comprehensive financial management system that eliminates the need for traditional bank accounts.

X Money is expected to become the essential feature of an "American version of WeChat," constructing a super app ecosystem similar to what WeChat Pay has achieved in China.

Currently, X Corporation has obtained money transmission licenses in 41 states across the U.S., laying the groundwork for regulatory compliance regarding its financial functionalities.

Given that this is Musk's platform, there is speculation within the cryptocurrency community that X Money may support Dogecoin (DOGE); however, Musk has not confirmed this.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

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