The US Treasury Department released a statement today confirming that Elon Musk's DogeCoin has been granted limited, read-only access to federal payment systems. This revelation comes after weeks of speculation surrounding Musk's involvement with the highly volatile cryptocurrency.

While Musk has been vocal about his support for DogeCoin on social media, many government officials had expressed concerns about the potential risks associated with granting the digital currency access to federally regulated payment systems.

In response to these concerns, the Treasury Department has imposed strict limitations on DogeCoin's access, restricting it to read-only status. This means that while DogeCoin can view information within the payment systems, it is unable to make any transactions.

Musk, who has famously clashed with government regulators in the past, welcomed the Treasury's decision, stating that it will "help ensure the stability and security of the digital currency market."

Despite the limitations on access, the announcement has sparked renewed interest in DogeCoin, with prices soaring in early trading. Investors are eagerly awaiting further developments as Musk continues to push the boundaries of the traditional financial system.