Screenshots shared by movie star William Shatner offered some hints into how Elon Musk's X Money would work. Elon Musk’s new payment app X Money has rolled out limited external beta testing this week, with early screenshots showing that users would be entitled to cashbacks and yield on deposits. One of the beta testers included Hollywood actor William Shatner, who played Captain Kirk in the original Star Trek series, and was invited to participate in the beta. Several screenshots shared by Shatner show that X Money users will be able to earn cashback on certain card purchases and earn 6% annual percentage yield on deposits. Read more
1Money secured 34 U.S. money transmitter licenses and a Bermuda Class F digital asset license to launch stablecoin orchestration services. 1Money, a company building a layer-1 blockchain for stablecoin payments, has secured 34 US money transmitter licenses and a Class F digital asset business license from the Bermuda Monetary Authority. According to a Thursday announcement, the company plans to launch global “stablecoin orchestration services” through its regulated entities. It aims to provide stablecoin infrastructure, including a dedicated layer-1 protocol, orchestration services and a full suite of compliant fiat solutions. 1Money says its regulated footprint enables it to support both stablecoin and real-world asset (RWA) issuers. Its customers would be allowed to mint stablecoins and RWA tokens and connect them with the traditional banking system. Read more
Initial testing of the payment and banking app will be limited because "extreme care" must be taken when people's savings are involved, Elon Musk wrote on X. X Money, the payment and banking app tipped by Elon Musk in 2022 after he acquired Twitter, has started beta testing, Musk confirmed in an X post on May 25. Tesla Owners Silicon Valley, a fan X account focused on Elon Musk and Tesla, took to X on May 25 to report that Musk has confirmed that X is “launching X Money soon.” The billionaire businessman subsequently jumped on the X thread to confirm the news, writing that the test will be a “very limited access beta at first.” Read more