Elon Musk’s Department of Government Efficiency (DOGE) has announced plans to collaborate with stablecoin issuer USUAL, noted a post from Vivek Ramaswamy who is co-leading the DOGE division with Musk. However, minutes later the post was deleted as it turns out that Ramaswamy’s X account was hacked.
Is DOGE Actually Partnering With USUAL Stablecoin?
A few minutes ago, the official X account of Vivek Ramaswamy posted that the Department of Government Efficiency (DOGE) has announced a strategic collaboration with $USUAL, a prominent issuer of fiat-backed Real World Asset (RWA) stablecoins.
The post further stated that the partnership would harness crypto initiatives in supporting the Donald Trump government’s mission of reducing the federal fiscal deficit. It also added that the collaboration aims to improve the efficiency of governmental transactions while promoting fiscal responsibility.
This alliance represents an important step toward leveraging the potential of digital currencies to foster sustainable economic growth, stability, and financial inclusion, noted Ramaswamy.
However, it turns out that this partnership is absolutely false, with Vivek Ramaswamy’s X account hacked. His team has initiated quick action on the matter and deleted the post thereafter. James Fishback, founder of Invest Azoria, said that the information about the DOGE and USUAL partnership is absolutely false, and the hackers were promoting a SCAM. He wrote:
“I just spoke with Vivek. He has been hacked. He is locked out of his account. This is a scam.”
X accounts of popular personalities have been common targets in the past promoting crypto scams. Recently the market was also abuzz with the meme coin scam with the involvement of the Hawk Tuah girl.
Elon Musk Has Big Plans With the Department
Elon Musk has been actively working on the next plans for DOGE with the goal of reducing Federal government spending. The Department of Government Efficiency recently highlighted that “80% of the federal government’s annual $100 billion IT budget is spent on maintaining outdated systems”. Commenting on this Mush said: “Time to clean up this humongous mess.”
Furthermore, the tech billionaire also hinted that DOGE could end US inflation. Tesla CEO Elon Musk stated that “government overspending” is the main driver of inflationary pressures in the country. He further asserted that “if government waste is stopped, there will be no inflation”.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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