Circle, the second-largest stablecoin issuer, has donated $1 million in USDC to the inaugural fund for President Donald Trump and Vice President-elect J.D. Vance. This donation reflects the growing support from the crypto industry for the new administration, which aims to lead in crypto innovation.
Other significant contributors include Coinbase, Kraken, Ripple, and Ondo Finance, with Ripple donating $5 million in XRP and the others each giving $1 million. Robinhood also made a notable contribution of $2 million.
Donors to the fund will receive various perks, such as gala tickets and private dinners with Trump and Vance. Those donating $1 million or more will gain exclusive access to high-profile events, allowing them to connect with key figures in the administration. Jeremy Allaire, CEO of Circle, expressed pride in using USDC for the donation, highlighting the growing influence of digital currencies.
The inauguration, set for January 20, will feature three days of events, including parades and galas. The inaugural fund has raised over $170 million, largely due to contributions from the crypto sector. The industry has played a significant role in political funding, with crypto-focused super PACs donating over $133 million in the recent election cycle.
USDC’s market cap has increased, especially after Trump’s re-election, driven by demand during the bull market. Tether’s regulatory challenges in Europe have also enhanced USDC’s appeal. The crypto sector’s support for the Trump administration aims for regulatory clarity and a stronger role in the economy.
Companies like Coinbase, Ripple, and Circle are solidifying their ties to policymakers through these donations, setting the stage for future collaboration in reshaping the financial landscape.
