According to online reports, Gray submitted an application for Grayscale Dogecoin Trust, an exchange-traded fund. It is reported that the ETF is a closed-end fund. Rayhaneh Sharif-Askary, director of products and research at Grayscale, said that Dogecoin represents a paradigm shift in global financial accessibility. Low transaction costs and rapid transfer speed make it the best tool for international remittances, especially in areas with underdeveloped banking infrastructure.