Circle Donates $1 Million Via USDC to Donald Trump, Is There a Crypto Political Game?

Bittime - Circle, the USDC stablecoin issuing company, announced a donation of $1 million (around IDR 16.1 billion) to President-elect Donald Trump's inauguration committee. Check out the full review here.

This step is not just a donation. Rather, this is a signal of the growing influence of crypto in the United States political arena. 

With support from other crypto companies, these donations are starting to change the face of politics in the country. Let's take a closer look at how these donations came about and their impact on the political and crypto ecosystem in the US.

Circle Contributes $1 Million in USDC

On January 9, 2025, Circle CEO Jeremy Allaire expressed his joy in contributing to the growth of what he called "big American business". 

In his statement, Allaire emphasized the importance of the inaugural committee accepting donations in the form of USDC. This reflects the growing acceptance of the “digital dollar” and its future potential.

Read also: Launch of Trump Bitcoin Digital Trading Cards on the Bitcoin Network a Huge Success?

“We love building great American companies, and the fact that the Committee accepts payments using USDC is an indicator of how far we have come, as well as the potential and power of the digital dollar,” said Allaire.

This is Circle's first significant political contribution in the US, a monumental move for a company that is the second-largest stablecoin issuer by market capitalization.

Support from Crypto for Trump

Circle's donation is part of more than $200 million (around IDR 3.2 trillion) raised by the inauguration committee. These funds were obtained thanks to the support of various large companies in the crypto sector such as Ripple, Kraken, Ondo Finance, and Coinbase. 

This phenomenon is not surprising, considering that Trump has received huge support from this sector during the campaign due to his pro-crypto policies and promises of regulatory reform that supports the digital asset ecosystem.

Since his election victory, Trump has taken concrete steps to support the digital asset sector with a number of pro-crypto appointments. 

One of them is the appointment of David Sacks as the nation's first crypto and AI advisor, who will oversee policies that strengthen collaboration between regulators and the burgeoning industry.

Additionally, Trump also held meetings with industry leaders, including Crypto.com's Kris Marszalek, and hosted dinner with Ripple executives Brad Garlinghouse and Stuart Alderoty. 

These steps underscore the Trump administration's intent to build a strong partnership between the government and the growing crypto ecosystem.

Read also: Ripple News: Brad Garlinghouse's Dinner with Donald Trump Makes XRP Bullish?

What Does This Mean for Political Financing?

The Trump committee's acceptance of USDC shows a striking trend in which digital assets are becoming an increasingly important part of political fundraising efforts. Circle's donation is part of a larger initiative, which has reached a total of $170 million (around IDR 2.7 trillion).

“We are committed to supporting the growth of cryptocurrencies in the US, and the Committee's acceptance of USDC is evidence of our progress and the promise of stablecoins,” said Allaire.

This donation highlights the potential for USDC to be used in significant financial transactions, suggesting that the Trump campaign may be paving the way for broader acceptance of digital currencies in political financing.

FAQ About USDC

1. What is USDC?

USDC is a stablecoin issued by Circle and Coinbase. This stablecoin is designed to maintain a stable value against the US dollar. 

2. How does USDC work?

USDC works with a blockchain system, which allows users to send and receive payments quickly and securely. Every USDC token circulating on the market is backed by a transparent and auditable reserve.

3. What are the advantages of using USDC?

The main advantages of using USDC include price stability, easy convertibility to US dollars, and transparency in the reserves backing the token. This makes it an ideal choice for crypto trading and large transactions.

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Reference 

coinmarketcap, Circle Donates $1 Million USDC to Trump, accessed January 10, 2025.

CryptoSlate, Circle donates $1 million in USDC to Donald Trump’s inaugural committee, accessed January 10, 2025.

Author: Y