Trump’s official memecoin, TRUMP, debuted during the Crypto Ball in Washington last Friday, rapidly achieving a $15 billion market cap. Within days, its fully diluted value surged to $75 billion, marking it as the fastest-growing memecoin in history. Shortly after, First Lady Melania Trump introduced her memecoin, MELANIA.
Built on Solana, the memecoins ignited discussions over Trump’s preference for Solana instead of Ethereum. Solana’s price reached an all-time high following the launch, while Ethereum gained momentum when the Trump-backed decentralized finance platform, World Liberty Financial, made substantial ether investments.
The platform also secured Ethereum Name Service domains, including worldliberty.eth and trumpcoin.eth, establishing a foothold in the decentralized ecosystem.
Meanwhile President Donald Trump signed an executive order to establish the “Presidential Working Group on Digital Asset Markets,” — a major shift in the United States’ approach to digital assets. Reports from Fox Business indicate that the group will develop a federal regulatory framework for digital assets, including stablecoins, and explore the creation of a “strategic national digital assets stockpile.”
Years of legal and regulatory disputes between cryptocurrency advocates and federal authorities preceded this initiative. The directive could provide the digital assets sector with a clearer regulatory path shaped by the White House. Such executive orders often signal the start of federal policy shifts rather than their conclusion, emphasizing Trump’s supportive stance on cryptocurrency.
Chaired by Trump-appointed crypto czar David Sacks, the group includes key figures such as the Treasury Secretary. Scott Bessent, a hedge fund manager chosen to lead the Treasury, has publicly backed the president’s crypto initiatives. In a July interview with Fox Business, Bessent described Trump’s move as a bold advancement for digital assets.
US Bitcoin Reserves “Basically Confirmed”: CZ
The executive order emphasizes preventing agencies from creating a central bank digital currency, while promoting interagency collaboration to develop digital asset policies. Senator Cynthia Lummis, head of the Senate Banking Digital Assets Subcommittee, has proposed legislation to establish a national bitcoin reserve. The plan involves purchasing 1 million BTC$105 168 , valued at $108 billion, over five years.
The US remains the largest known nation-state holder of bitcoin, with seizures amounting to 198,109 BTC, worth approximately $21 billion. Binance CEO Changpeng Zhao recently highlighted these developments on X, stating:
“The US strategic Bitcoin reserves have been basically confirmed. Cryptocurrency is once again advancing at the speed of encryption.”
Speculation has also emerged about plans for an “America-first” strategic reserve prioritizing US-based coins like USDC$1.00 , SOL$263.4 , and XRP$3.18 . Unverified reports even linked a bitcoin reserve announcement to Trump’s inauguration speech. That anticipation contributed to bitcoin hitting a record $109,000 earlier this week.
