DOGE and USUAL Stablecoin Partnership Announcement: A Scam or Future Government Finance Revolution?
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Earlier today, the Department of Government Efficiency (DOGE), co-led by Elon Musk, announced a partnership with well-known stablecoin issuer USUAL to promote Donald Trump's administration's crypto project to reduce the federal fiscal deficit. The news shocked many people and marked the first time that digital assets have entered the core of government financial management. The goal of this partnership is to improve the efficiency of federal spending through cryptocurrency, becoming a key step in modernizing government finance.
However, things soon took a turn. Vivek Ramaswamy's official X account was hacked and the partnership announcement was deleted. Investor James Fishback confirmed that Ramaswamy's account was hacked, leading to the spread of false news. At this time, the partnership announcement was confirmed to be a scam.
Musk's Government Modernization Plan
Despite the exposure of the partnership announcement as a scam, Musk's Government Efficiency plan still attracted attention. Musk is committed to cutting federal spending, especially on outdated IT systems. Every year, the US government spends up to $100 billion on these systems, and Musk stressed that this is a "mess" that needs to be cleaned up urgently. He believes that ending government waste will help solve the problem of inflation in the United States, and proposes to ease inflationary pressure by reducing excessive spending.
What's next?
Although the current cooperation is only fake news, the government efficiency project promoted by DOGE may still have a profound impact on the role of cryptocurrency in government financial management. In the future, as cryptocurrency and government operations are further integrated, DOGE may become an important part of the reform of government spending efficiency.
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