Musk isn’t introducing a novel idea. For years, people have advocated eliminating the penny, as pennies are rarely spent as change. And since the Covid-19 pandemic, more consumers are shopping online or avoiding physical currency altogether .

As Musk referenced in his email, the report says the banks hope to use the narrative of Musk’s link to Donald Trump, as some unnamed investors may be interested in buying based on a belief that its financials are on the way up.

A former USDS employee called the repurposing of the Digital Service into DOGE an “A+ bureaucratic jiujitsu move.” It will give Musk and his associates access to unclassified data in every government agency.