Circle Donates $1M in USDC to Trump's Inaugural Committee

Circle has donated $1 million to US President-elect Donald Trump's inaugural committee using its own stablecoin, USDC.

Announcing the move on X, Circle CEO Jeremy Allaire said, “We are excited to be building a great American company, and the fact that the Committee took payment in USDC is an indicator of how far we have come, and the potential and power of digital dollars,” he said.

Donations to inaugural committees are a longstanding practice, and tend to cover the costs of elaborate dinners, extravagant parties, and parades, ahead of the swearing-in of a new president.

The funds also support the official ceremony, underscoring the significance of the occasion as a hallmark of democratic tradition. In return, donators access to exclusive events, mingling with key policymakers, influential political figures, and other high-profile guests.

Ripple also contributed $5 million worth of XRP to Trump's inaugural fund. while Coinbase, Kraken, and Ondo Finance all donated $1 million each.

“Coinbase is committed to working with the administration and both sides of Congress to create regulatory clarity for crypto, and it’s important to engage early in order to hit the ground running,” Coinbase Vice President for US Policy Kara Calvert said in a statement. “That’s why Coinbase committed to supporting President Trump’s transition and ultimately his inauguration well ahead of the election.”

The move reflects the industry's appreciation of Trump's crypto-friendly promises. Self-proclaiming himself as the "Crypto President," Trump has already been actively building a "Crypto Council."

Formally known as the Presidential Council of Advisers for Digital Assets, the body ims to solidify America’s dominance in the blockchain sector, as pledged by Trump who described the sector as being a "cornerstone of our nation’s technological advancement.” Recently, Trump announced Bo Hines as the council's executive director.

“I am pleased to announce the brilliant team that will be working in conjunction with our White House A.I. & Crypto Czar, David O. Sacks,” Trump said in a Truth Social post. “Together, we will unleash scientific breakthroughs, ensure America’s technological dominance, and usher in a Golden Age of American Innovation!”

USDT’s dominance has long been attributed to its first-mover advantage, deep liquidity, and broad market acceptance. However, questions surrounding its reserve transparency have led some institutional players to prefer USDC, which is fully backed by audited reserves.

In a strategic move last month, Binance and Circle announced a partnership to accelerate the adoption of USDC.

By leveraging Binance’s massive reach and user base, Circle aims to make USDC a more compelling alternative for retail and institutional users alike. Circle will provide the technology and liquidity infrastructure to enhance USDC’s use cases, including trading, savings, and payments. Binance, in turn, plans to offer more USDC trading pairs and incentives, further embedding the stablecoin into its ecosystem.