Recently, Elon Musk announced that X will launch a new payment feature next month. Just call it X Money, a product that transforms the social media platform into a full-fledged fintech app with peer-to-peer transfers, bank deposits, debit cards, and cashback rewards in partnership with Visa. This platform is already licensed in more than 40 US states through X Payments' subsidiaries.

What’s interesting is the market’s response to this announcement. Dogecoin briefly surged after the news was released, even though X Money is not a crypto product at all. This pattern has repeated many times since 2021 whenever Musk mentions payments or technology. The DOGE community immediately speculated about the possibility of crypto integration, even though Musk has previously said dogecoin is his favorite cryptocurrency and Tesla accepted DOGE for merchandise in 2022.

But in reality, X Money is a pure fiat product, similar to Venmo embedded within the social media app. There’s nothing crypto about it. Currently, DOGE is down 2.57% in the last 24 hours along with the overall decline in the crypto market. Nikita Bier, X’s head of product, did say that crypto trading tools would be available through Smart Cashtags, but that’s only for data and links directing to exchanges, not for executing trades.

From a regulatory perspective, more significant is the 6% return offered by X Money on balances. That rate is higher than almost all US savings accounts and competes with money market funds. This timing coincides with the Congressional debate over the CLARITY Act, which discusses rules for interest-bearing products. The key question is whether non-bank platforms like X can offer returns similar to bank deposits. This creates a sophisticated comparison between fiat fintech products and crypto stablecoins that are currently being regulated.

In other news, the WLFI token from World Liberty Financial dropped 12.62% to its lowest level since its launch in 2025. This crypto project, associated with a certain figure, has faced criticism for its controversial lending strategy on the DeFi platform Dolomite. The company admitted to using their own governance tokens as collateral to borrow stablecoins and drain certain pools. Currently, WLFI is trading around $0.08.