Circle donates $1m in USDC to Trump inaugural committee

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

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

“The fact that the Committee took payment in USDC is an indicator of how far we have come,” posted Allaire, “and the potential and power of digital dollars.”

USDC (USDC) is a type of cryptocurrency known as a stablecoin. Unlike other cryptocurrencies, stablecoins are pegged to traditional currencies like the U.S. dollar, aiming to maintain a consistent value. 

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

Last year during Trump’s campaign, 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 digital asset adoption as part of a broader economic strategy.

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

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