Circle donates $1M USD to Trump Inauguration Committee.
Stablecoin issuer Circle donated $1 million to President-elect Donald Trump's inauguration committee, Circle CEO Jeremy Allaire wrote on January 9.
According to the CEO, the receipt of the donation by the Presidential Graduation Committee shows the maturing of the property sector that has just begun.
According to data from RWA.XYZ, the stablecoin currently has a market capitalization of nearly $203 billion, with USDC accounting for $44 billion of that total.
Trump will take office on January 20. Industry executives are anticipating pro-crypto legislation and sweeping regulatory reforms for the second Trump administration. They gave hope.
Source: Jeremy Allaire
Related: USDC Market Value Up 80% From 2023 Lows
Stablecoins have become a cornerstone of crypto policy
United States Senators Kirsten Gillibrand and Cynthia Lammis co-sponsored the Lammis-Gillibrand Payment Stablecoin Act in April 2024.
In introducing the bill to the Senate, Senator Gillibrand wrote, “Passing a regulatory framework for a stable coin is critical to maintaining the dominance of the dollar.”
In June, U.S. House Speaker Paul Ryan wrote that a stable coin could help ease the national debt crisis and protect the dollar's role as the global reserve currency.
An overview of the current stablecoin market. Source: RWA.XYZ
A former politician has argued that an overly stable coin issuers, which hold more than $120 billion in short-term US government securities, will help increase demand for US government debt.
Following Ryan's op-ed, Senator Bill Hagerty introduced the Clarity for Payment Stablecoins Act in October to create a comprehensive regulatory framework for stablecoins.
Included in the bill was a provision to regulate stablecoin issuers with a market capitalization of less than $10 billion at the state level rather than at the federal level.
Crypto VCs eye stablecoins by 2025
Athena co-founder Guy Young predicted that the market capitalization of the Statcoin sector would reach $300 billion by 2025 – led by incumbents such as Tether and Circle.
Deng Chao, CEO of institutional asset manager Hashkey Capital, recently told Cointelegraph that stablecoins will be one of the top digital asset classes for venture capitalists in 2019. They are looking for potential investments in 2025.
According to Chao, VCs have focused on stablecoins in emerging market economies because they offer banking services to the global unbanked population with proven use cases.
Magazine: Bitcoin payments are being undermined by a centrally stable coin.
