I saw Elon Musk announce the April launch of X Money last month. It’s been quite the talk.

Put simply, X is starting fintech features like Venmo. Peer-to-peer transfers, bank account linking, debit cards, and cashback rewards. It’s expected to be rolled out in more than 40 U.S. states in partnership with Visa.

Now, here’s the interesting part. Right after the announcement, Dogecoin surged. The reason is simple: the market automatically interpreted it as “Musk announced crypto-asset integration.” But if you read more closely, X Money is a pure fiat product. It’s not a crypto wallet. So it has nothing to do with DOGE. Right now, DOGE is steady again, with +1.81% over the past 24 hours, calming down after this reflexive move.

This is a pattern that’s been repeating ever since 2021. Every time Musk mentions X Payments, the market expects DOGE integration and buys in. Musk himself has used Dogecoin as a payment method on Tesla and calls it his “favorite cryptocurrency,” so those expectations aren’t unreasonable. But this time, crypto assets are truly not involved.

That said, what I’m personally paying attention to isn’t DOGE—it’s this 6% yield. An annual interest rate of 6% on balances inside a social media app used by hundreds of millions is almost higher than essentially all U.S. regular savings accounts. This is almost certainly going to be a key focus for regulators.

The timing is also tricky. While Congress is divided over the CLARITY bill, whether non-bank platforms are allowed to offer consumers deposit-like yields is a major issue. The Senate Banking Committee reportedly plans to work on amendments from mid- to late-March.

If X Money really starts running with a 6% yield, things could get interesting. A fiat product inside a social media app could end up offering higher yields than regulated crypto stablecoin products, which is likely to put regulatory consistency under scrutiny.

Elon Musk’s moves still stir up the market as usual, but this time the direct connection to cryptocurrencies is thin. Instead, it feels like he’s raising new issues in the areas of traditional finance and regulation.