Elon Musk's X Money has launched, offering a 6% annual percentage yield and up to $10 million in FDIC coverage. The service, which includes features such as unlimited 3% cash back and free atm withdrawals, is initially available to premium users and may eventually roll out to more verified users. The launch of X Money is seen as a potential disruptor in the payments industry, although its long-term impact and regulatory status are uncertain.