Big tech and crypto have aligned with President-elect Trump, granting record numbers to its inaugural fund. Circle, a U.S.-based payments and stablecoins services company, recently announced it would contribute to Trump’s inaugural committee.

The company behind USDC, the second-largest stablecoin in the market with a market cap of over $45 billion, donated $1 million to help Trump’s inauguration fund. This panel, which has the faculty to accept unlimited donations, has the function of planning and looking after plans of events leading to the inauguration of Trump as president, an event set to happen on January 20.

Circle CEO Jeremy Allaire remarked on the relevance of how this donation was executed using USDC. Allaire stated:

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.

Circle joins the ranks of technological giants that have contributed to Trump’s fund to show their support for the policies he has vowed to apply during his second term in office.

Google and Microsoft also recently announced that they were contributing $1 million each, while other tech giants like Amazon and Openai announced their support in December.

Trump’s inaugural committee managed to rake in over $170 million, establishing a record for this kind of fund, beating Biden’s and Obama’s equivalent efforts. In comparison, Biden received $63 million in 2021, while Barack Obama’s inauguration committee raised $53 million in 2009 and $42 million in 2013.

The American press has interpreted this as a way of siding with Trump, who has before fought many of these tech companies, including Google and Amazon. It remains to be seen if this will have any effect on how Trump’s administration treats big tech.

Read more: 2024 Fiat-Pegged Economy Swells—Stablecoins Reach $200B, Tether’s Market Soars 50%, New Players Emerge

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