Michaela Alvez
Circle, the global fintech company, has made a $1 million donation in USD Coin (USDC) to the Inaugural Committee of President-elect Donald Trump.
On January 9, Circle CEO Jeremy Allaire took to X to announce the company’s donation. “We are excited to be building a great American company,” Allaire wrote. He also emphasized that the Committee’s acceptance of USDC payments reflects significant progress and underscores the growing potential and influence of digital currencies.
USDC, a stablecoin developed by Circle, is pegged to the U.S. dollar, providing stability within the volatile cryptocurrency market. It is extensively utilized for trading, lending, and as a reliable store of value in the digital asset ecosystem.
Circle’s contribution to Trump’s Inaugural Committee arrives alongside similar donations from a range of other tech companies and crypto giants, emphasizing continued corporate support for the event.
Ripple Labs, Inc., the digital payment protocol, has contributed $5 million in XRP tokens. The donation follows reports of Ripple executives meeting with Trump at his Mar-a-Lago estate.
Coinbase, the popular cryptocurrency exchange, has given $1 million to the Inaugural Committee. Major tech companies, including Google, Microsoft, Amazon, and Meta Platforms Inc., have also made significant donations to the Committee.
The substantial donations fueling Trump’s inaugural committee, which has reached an unprecedented $170 million, seem to reflect an effort by major tech companies to build favorable relationships with the former president as he prepares for a potential second term. In contrast, Joe Biden’s 2021 inauguration garnered $63 million, while Barack Obama’s inauguration campaigns raised $53 million in 2009 and $42 million in 2013.
According to ABC News, a source familiar with the fundraising efforts confirmed the private donations collected so far. The source also revealed that Trump’s inaugural committee is projected to surpass $200 million in total contributions by the time the fundraising campaign concludes.
Private donations are primarily allocated to cover expenses for events surrounding the inauguration, including the swearing-in ceremony, the inaugural parade, and lavish inaugural balls.
According to the same source, any remaining funds from the committee are expected to be directed toward the establishment of a future Trump presidential library.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
