US Crypto Reserve: Trump Champions XRP, Solana, and Cardano
President Donald Trump has restated his supportive position on cryptocurrency by unveiling plans for a US Crypto Reserve that will include XRP, Solana (SOL), and Cardano (ADA).
In a post on Truth Social, Trump stated that a US Crypto Reserve will enhance this vital sector after enduring years of misguided attacks from the Biden Administration. He emphasized that the Executive Order on Digital Assets instructed the Presidential Working Group to advance a Crypto Strategic Reserve, encompassing XRP, SOL, and ADA. Trump expressed his commitment to ensuring that the US becomes the Crypto Capital of the World, exclaiming that they are in the process of MAKING AMERICA GREAT AGAIN!
He further mentioned that Bitcoin (BTC) and Ethereum (ETH), as other important cryptocurrencies, would form the foundation of the reserve. Trump added that he has a great appreciation for both Bitcoin and Ethereum in a subsequent post.
Following Trump’s announcement, the cryptocurrency market benchmark, Bitcoin, surged by 9 percent to $92,857 (10:50 pm IST), rising from $85,166.29 recorded at 8:50 pm (IST), based on data from Coinmarketcap. Furthermore, Ethereum experienced a significant increase of 12 percent, climbing from its prior closing value to $2,477.
On January 23, Trump enacted an executive order named Strengthening American Leadership in Digital Financial Technology, reinforcing the administration’s backing of blockchain advancements and dollar-pegged stablecoins, while prohibiting any type of central bank digital currency (CBDC). Nevertheless, the order did not create a US Crypto Reserve; rather, it requested additional examination of the idea—a concept that Trump has been promoting since his 2024 presidential campaign.
The Trump administration has already taken steps to benefit the cryptocurrency landscape, including withdrawing an SEC lawsuit against Coinbase and suspending investigations into various crypto businesses. These actions, coupled with campaign pledges such as forming a national Bitcoin reserve and loosening regulations, initially ignited a crypto surge. Bitcoin surpassed $75,000 on November 6, 2024, after Trump’s electoral success and ETF inflows, climbing to a peak of $109,350 in January 2025 before experiencing a decline.
Next Friday, Trump will facilitate the inaugural White House Crypto Summit, where industry leaders, CEOs, and investors will explore the future of digital assets. AI & Crypto Czar David Sacks and Executive Director Bo Hines will preside over the summit.
In the meantime, Trump’s personal cryptocurrency, $Trump, launched three days prior to his inauguration, has left numerous investors disappointed who became involved during its initial excitement. Adding to the complexity of the crypto landscape, First Lady Melania Trump introduced her own memecoin, $Melania, in January, which led to a 50% drop in the value of her husband’s coin right at its inception.