Social media platform X, owned by Elon Musk, has expanded its new banking service, X Money, to all paid Premium and Premium+ subscribers across the United States.
The nationwide rollout widens access to financial services that had previously undergone testing with a select group of top-tier users since late June.
The service allows users to hold cash deposits, make peer-to-peer payments, transfer money by wire, pay bills, and post physical cheques without leaving the application.
Cross River Bank, a lender based in New Jersey that works alongside several financial technology platforms, holds customer deposits.
Deposits are insured up to 250,000 dollars through the Federal Deposit Insurance Corporation.
Elon Musk has long expressed a desire to turn the platform into an everything app similar to WeChat, which dominates messaging, retail, and digital payments in China.
Company announcements confirm that deposits can earn an annual interest rate of up to six per cent.
The rate sits noticeably above traditional high-yield accounts offered by major commercial banks across the United States.
Top-tier Premium+ subscribers can access the highest rate directly, whereas standard Premium users must set up regular direct deposits to qualify.
Lending partner Cross River Bank described the launch as the first government-insured banking service in the country built directly into a social media network.
The launch places the platform in direct competition with established digital wallet providers such as PayPal's Venmo, Block's Cash App, and SoFi.
The project has drawn political oversight in Washington, where Senator Elizabeth Warren raised questions regarding how the platform intends to fund such high savings yields.
Senator Elizabeth Warren also referenced previous regulatory enforcement actions concerning lending practices at the partner institution.
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