Jeremy Allaire, the CEO of the stablecoin issuer Circle, announced that the crypto project has donated $1 million in USDC to the committee planning the inauguration of President-elect Donald Trump.
The CEO noted that Trump’s Inauguration Committee’s approval of the donation signifies the growing maturity of the emerging asset class.
Data from RWA.xyz revealed that the market value of stablecoins stands at around $203 billion, with USDC accounting for $44 billion of the total.
Trump is also set to take office on January 20. Leaders in the industry have expressed significant optimism about his second term, expecting favorable crypto policies and thorough regulatory changes.
In April 2024, Senators Cynthia Lummis and Kirsten Gillibrand jointly introduced the Lummis-Gillibrand Payment Stablecoin Act. While presenting the legislation to the Senate, Senator Gillibrand emphasized that establishing clear regulations for stablecoins is essential to preserving the U.S. dollar’s global leadership.
Stablecoin to Ease Debt
In June, Paul Ryan, the former Speaker of the United States House, argued that stablecoins have the potential to ease the national debt burden and safeguard the dollar’s position as the world’s primary reserve currency.
The former politician asserted that issuers of overcollateralized stablecoins, collectively managing over $120 billion in short-term U.S. Treasury assets, could significantly increase demand for federal government debt.
In response to Ryan’s commentary, Senator Bill Hagert unveiled the Clarity for Payment Stablecoins Act in October, aiming to establish a robust regulatory structure for stablecoins.
With several predictions surrounding crypto assets, Ethena founder Guy Young forecasted that the stablecoin industry would achieve a market valuation of $300 billion by 2025, fueled by established players like Tether’s USDt and Circle’s USDC.
Executives Accepting Crypto Donations
Before the USDC donation, during the 2024 presidential election, Trump also received over $7.5 million in crypto donations. The contribution occurred briefly from July to September 2024 and covered major cryptos such as Bitcoin (BTC), Ethereum (ETH), XRP, and the U.S. dollar-pegged stablecoins Tether and USDC.
Similarly, former U.S. Vice President Kamala Harris used the Coinbase crypto exchange to accept crypto donations.
The information was made public by Fortune, a media outlet that claimed to have reviewed the discussion recording between Haas and Citigroup’s director of payments, Peter Christiansen.
