Circle donates $1m in USDC to Trump inaugural committee

Circle donated $1 million to President-elect Donald Trump’s inaugural committee.

Circle CEO Jeremy Allaire announced the contribution on social media, stressing that the committee’s adoption of USDC highlights the growing adoption of digital currencies in mainstream finance.

“The fact that the committee is paid in USDC is an indication of how far we have come and the potential and power of the digital dollar,” Allaire said.

USDC (USDC) is a type of cryptocurrency known as stablecoin. Unlike other cryptocurrencies, stablecoins aim to maintain a consistent value by being pegged to traditional currencies such as the US dollar.

Circle’s donation is part of a broader trend of cryptocurrency companies supporting the upcoming launch. Exchanges such as Coinbase and Kraken contributed $1 million each, while blockchain firm Ripple donated $5 million to another digital asset, XRP (XRP).

During Trump’s campaign last year, the billionaire Winklevoss twins each donated $1 million in Bitcoin (BTC) to Trump.

Donald Trump and crypto

Trump’s public enthusiasm for Bitcoin is evident in his recent statements, and his administration is expected to capitalize on this momentum to attract investment and encourage the adoption of digital assets as part of a broader economic strategy.

Trump also reaffirmed his administration’s commitment to supporting blockchain innovation while addressing national security concerns in a video address to the Blockchain Association last month.

Trump publicly expressed his support for cryptocurrency during the 2024 campaign, marking a significant shift from his mixed views in the past. Coinbase has even launched a fundraising page that accepts donations in any cryptocurrency available on its platform.