Dogecoin zooms as Elon Musk announces X Money launch date for April

The payments app offers 6% yield on balances and peer-to-peer transfers inside X, competing directly with the same demand stablecoin products are targeting. No mention of dogecoin or any crypto functionality was included. What to know : Elon Musk said X will launch its new payments feature, X Money, next month, offering peer-to-peer transfers, bank deposits, a debit card and cashback rewards in partnership with Visa and a licensed subsidiary in more than 40 U.S. states. Dogecoin briefly jumped as much as 8 percent on speculation about crypto integration after Musk's announcement, even though X Money is described as a fiat-only product more akin to Venmo than a crypto wallet. X Money's proposed 6 percent yield on balances could draw regulatory scrutiny, as it competes with bank savings and money market funds and arrives just as Congress debates the CLARITY Act on yield-bearing products, highlighting tensions over whether nonbanks should offer deposit-like returns.