The Dogecoin Foundation, through its newly established institutional unit, has announced the creation of an “Official Dogecoin Reserve” with an initial purchase of 10 million DOGE, worth approximately $1.8 million at current market prices.
The move is part of the foundation’s strategic partnership with commercialization organization House of Doge, which became its official partner under a five-year agreement signed in February. According to House of Doge, the reserve serves as a proof of concept that highlights Dogecoin’s potential for seamless and efficient transactions.
“The launch of Dogecoin Reserve is a significant step in House of Doge’s vision to make Dogecoin a fast and reliable payment option for businesses and shoppers everywhere,” the company said in a press release. The initiative includes innovative technology that allows merchants to accept Dogecoin payments instantly at the checkout, eliminating traditional blockchain transaction waiting times and providing the same level of trust as traditional payment methods.
In a Feb. 21 post on X, Dogecoin Foundation director Timothy Stebbing revealed that there have been discussions with U.S. government officials who have expressed interest in adopting Dogecoin for a variety of payment use cases, including city parking and utility payments.
Additionally, at least three Dogecoin-related exchange-traded fund (ETF) applications are currently under review by the U.S. Securities and Exchange Commission (SEC). Bloomberg analysts recently estimated the probability of a DOGE ETF being approved by the end of the year at 75%.
*This is not investment advice.
