There’s an interesting market phenomenon worth paying attention to. Elon Musk recently announced that X Money will launch in April. It’s a payment feature that integrates peer-to-peer transfers, bank deposits and withdrawals, debit cards, and cash rebates. Partners include Visa and X Payments, a subsidiary licensed in more than 40 U.S. states.

Interestingly, after this news was released, Dogecoin immediately responded. Although X Money clearly says it is a pure fiat product—more like a combination of Venmo and social media—the market is still speculating whether Musk will integrate DOGE. This pattern has been going on since 2021—whenever Musk mentions X’s payment features, DOGE gets a boost. After all, Musk has publicly said that DOGE is his favorite cryptocurrency, and Tesla accepted DOGE payments in 2022. However, according to official statements, X currently plans to introduce crypto trading tools via Smart Cashtags, but the platform itself will not execute trades or act as a broker—it only provides data and links to guide users to exchanges.

What’s even more worth noting is the 6% yield of X Money. On a social media application with hundreds of millions of users, offering a 6% balance return is higher than most U.S. savings accounts, and it can compete with money market funds. How this yield is supported—whether subsidized by X, achieved through lending, or through other mechanisms—would have a major impact on regulatory assessment.

Timing here is very sensitive. Congress is discussing the CLARITY Act, which aims to set rules for yield-bearing stablecoin products. The Senate Banking Committee plans to hold a vote in mid to late March. The core political question is whether non-bank platforms should be allowed to offer deposit-like yields to consumers. While X Money is not a stablecoin product, it is targeting the same set of consumer needs—those looking for higher returns than banks. If X Money goes live at scale with a 6% APY before the CLARITY Act is passed, it would create an awkward contrast: a fiat fintech product inside a social media app offering yields, while crypto stablecoin products could potentially be pushed out of the market by law.

Also, World Liberty Financial’s WLFI token has been seen falling by 12%, hitting a new low since it launched in 2025. This Trump-related crypto company drew controversy due to a disputed lending strategy on the Dolomite DeFi platform. The company acknowledged using its own governance token as collateral to borrow stablecoins, which has raised market questions about its risk management.

So, what is DOGE doing right now? According to the latest data, Dogecoin’s current price is around $0.09, with an approximately 1.28% gain over the past 24 hours. Compared with the earlier hype, the market has already cooled down quite a bit. It looks like the market remains cautious about whether X Money will ultimately really integrate DOGE or not.