After long weeks of waiting, US President Donald Trump has finally decided to give the crypto industry what it wants the most; a strategic crypto reserve.
The strategic crypto reserve will include the community’s favorite tokens, unlike his first attempt with a ‘Digital Asset Reserve’ that made vague references to everything but stablecoins.
In a post on Truth Social today, Trump said: “A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”
Solana, ADA, and XRP have all already reacted with 15%, 30%, and 20% increases respectively, per data from CoinGecko. Mr. Trump, however, kept out Bitcoin in his first post, just like he did in the Digital Asset reserve’s executive order.
In the initial executive order, Trump made sure to emphasize over and over again that America really likes the idea of adding dollar-pegged stablecoins to balance sheets, because they make the greenback stronger.
Tokens like USDT and USDC got a special mention and Trump said at the time that the United States is interested in “promoting and protecting the sovereignty of the United States dollar, including through actions to promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide.”
Meanwhile, the crypto market has been struggling recently thanks yet again to Mr. Trump’s own actions, specifically trade wars and verbal attacks on Ukrainian president Volodymyr Zelenskyy.
But what really rocked those three tokens in the strategic reserve was the Bybit hack that saw $1.5 billion in Ethereum taken from the notorious Lazarus Group, sending Bitcoin tumbling from $97,000 all the way to below $80,000, and hundreds of billions of dollars liquidated from the market for 3 days straight.
At press time, ADA was worth $1 with a 54% increase on the 24 hour chart. SOL, which was the biggest loser in the market correction, was worth $168 with a 20% increase in 24 hours. XRP, however, was worth $2.75 with a 27.2% surge, per data from CoinGecko.
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