From Trump’s order, to the gradual warming of the regulatory direction in the United States, ‘Made in America’ cryptocurrencies are quietly becoming the new focus of the market.
Written by: WOO
Recently, Trump stated that the United States will consider establishing a ‘cryptocurrency strategic reserve,’ including BTC and ETH, which is not surprising, but it is worth noting that SOL, XRP, and ADA are also included. The overall crypto market responded with a sharp rise, with SOL, XRP, and ADA, the ‘three musketeers of the United States,’ seeing the highest increase. This provided a boost to the overall crypto market during a downturn period. Unfortunately, the sustainability was not good, and the overall market fell back to the starting point of $83000 before Trump’s call for Bitcoin.
The cryptocurrency market in recent days has been like a roller coaster ride, experiencing sharp ups and downs. Trump’s remarks have had a profound impact on coin prices, but the more important concept behind it is America First. Trump’s America First concept not only applies to the cryptocurrency market but also runs through his core goals as president, from conversations with Zelensky to requesting TSMC to increase investment in the United States.
Returning to the currency circle, it is believed that in the future, Trump will still focus on ‘America First’ when making statements related to cryptocurrency, so this article will take stock of five currencies closely related to the United States, and lay the groundwork for projects that may benefit from political dividends in the future.
Chainlink (LINK)
Chainlink is currently the most mainstream decentralized oracle in the field of cryptocurrency. It was founded by an American team and provides significant infrastructure for on-chain data for blockchain. Recently, Chainlink, together with the Depository Trust & Clearing Corporation (DTCC) and ten other major US financial institutions, including JPMorgan, completed an experiment called Smart NAV for the tokenization of mutual funds, successfully publishing key data of mutual funds through the Chainlink Cross-Chain Interoperability Protocol (CCIP) to the blockchain.
This experiment demonstrates that traditional financial data can be seamlessly integrated into the blockchain through Chainlink, paving the way for the future tokenization of large assets. As US financial institutions begin to embrace blockchain technology, Chainlink, as a leader in oracles, will become a bridge connecting the traditional financial world with the crypto world.
In addition to being connected to traditional American finance, Chainlink is also actively involved in American policy dialogues. At the end of February this year, the team held a private meeting in Washington, D.C., inviting representatives from the U.S. government to discuss the impact of blockchain on the future of the financial system. This also means that Chainlink actively has the opportunity to engage in dialogue with senior U.S. government officials, distinguishing itself in terms of connections from other projects in the coin circle.
In addition, Chainlink has also announced a partnership with WLFI (World Liberty Financial), a DeFi project supported by Trump, to use its oracle technology to provide on-chain data and cross-chain interoperability.
As one of the most important infrastructure projects in the currency circle, LINK itself has stronger practical applications than other projects. In addition, with the connections to the US government and the adoption by traditional finance, LINK’s position as a ‘US-based’ infrastructure coin is difficult to shake.
- Market Cap: 8,789,128,324
- Market Cap Ranking: 16
- Change in the past 30 days: -39.5%
Ondo Finance (ONDO)
Ondo Finance is the leader in the current RWA sector, with its main function being the on-chain securitization of US Treasuries, allowing crypto users to also enjoy the yield of US Treasuries.
The renowned crypto investment firm Pantera pointed out that tokenized platforms like Ondo are competing head-to-head with Wall Street institutions such as Franklin Templeton and BlackRock, attempting to migrate the over 20 trillion US dollars worth of US national debt onto the blockchain.
In fact, Ondo has already launched a on-chain US short-term Treasury bond fund product called OUSG, with assets under management of about $2.29 billion, and has partnered with BlackRock and Securitize to bring OUSG into the DeFi ecosystem.
In addition to partnering with traditional asset management companies, Ondo Finance recently partnered with credit card giant Mastercard to become the first provider of tokenized real-world assets on its Multi-Token Network (MTN). This partnership enables institutions and enterprises to directly invest in US short-term treasuries through blockchain and earn stable daily returns. For US investors, ONDO’s appeal lies in its combination of the stability of traditional US financial instruments, such as treasury securities, and the efficiency of cryptocurrencies, which means that Ondo not only has innovative technical solutions, but also the support of traditional financial giants.
In terms of regulatory and government-friendly aspects, the newly nominated SEC chairman, Paul Atkins, has served on the advisory board of Securitize, which is the company collaborating with BlackRock and Ondo to promote tokenization of securities. This network of relationships has led the market to expect that future U.S. regulatory agencies will take a more open attitude towards compliance tokenization businesses like Ondo.
At the same time, Ondo is also a DeFi project supported by Trump, purchasing tokens from WLFI (World Liberty Financial), currently holding 340,000 Ondo, with a total value of approximately 316,000 US dollars.
Ondo, as the leader in RWA, has a dominant TVL in data, with close ties to traditional finance and the US government. It is also one of the few currencies held by WLFI. The association of Ondo with “Made in the USA” is undeniable.
- Market Cap: 2,896,135,618
- Market Cap Ranking: 40
- Change in the last 30 days: -31.1%
Hedera Hashgraph (HBAR)
Most users are unfamiliar with HBAR, which is an old project from the previous cycle, created in 2018 by Dr. Leemon Baird and Mance Harmon. The mainnet was launched in 2019. It is an established public chain that focused on low energy consumption and environmental friendliness at that time. Hedera has also attracted many well-known Web 2 partners and customers such as Google, IBM, Boeing, LG, Tata, and others. It recently announced its entry into the RWA market, releasing an open-source toolkit for configuring, issuing, and managing tokenized bonds and stocks on the Hedera network.
In terms of RWA applications, they have launched the DOVU carbon credit trading platform, which can tokenize credit limits and convert them into crypto assets, allowing enterprises, governments, and individuals to use them.
In 2023, the Federal Reserve’s instant payment system FedNow will include a micro-payment platform Dropp based on the Hedera network as a service provider. Dropp enables merchants to accept small payments and supports the use of HBAR as a transaction currency, even integrating it into the official payment ecosystem. Following this news, the price of HBAR surged at one point, reflecting the market’s optimistic expectations for the relationship between Hedera and the U.S. government. Apart from FedNow, HBAR is also seen as one of the currencies that may benefit from the improvement of the U.S. regulatory environment.
The team has always attached great importance to compliance, clearly stating its desire to cooperate with regulatory agencies and develop tools to assist enterprises in fulfilling consumer protection and regulatory compliance obligations. With the participation and support of large U.S. enterprises, HBAR is considered one of the most “American concept”-oriented cryptocurrencies. The market generally believes that in a U.S.-friendly policy environment, Hedera will have a better chance of institutional adoption. For example, some analysts suggest that the U.S. SEC is highly likely to approve a multi-tier cryptocurrency spot ETF that includes HBAR, which will serve as a catalyst for the development of the Hedera ecosystem.
- Market Cap: 9,568,963,706
- Market Cap Ranking: 13
- Change in the past 30 days: -19.5%
Stacks（STX）
The origin of Stacks in the United States can be traced back to its early days: as early as 2019, Stacks (formerly known as Blockstack) was the first cryptocurrency project in US history to be approved by the SEC for public issuance, pioneering the first case of compliant fundraising for cryptocurrency projects.
This means that STX has been highly consistent with the U.S. regulatory system since its inception, praised by the industry as a “textbook” compliance model. Technically, Stacks brings smart contract functionality to the Bitcoin ecosystem, allowing users to engage in DeFi, NFT, and other applications on the basis of Bitcoin’s security. With multiple states in the U.S. discussing including Bitcoin in their financial reserves, and federal attention to Bitcoin applications, projects like Stacks that emphasize integration with Bitcoin may benefit from the increased attention to Bitcoin’s status.
The friendly policies of the Trump administration may encourage more innovative projects to develop in compliance in the United States, which is exactly the path that Stacks has been following. STX, due to its compliance background and technical characteristics, has just tapped into the two key points of the current U.S. crypto narrative: legitimacy and the Bitcoin ecosystem.
- Market Cap: 1,030,949,384
- Market Cap Ranking: 83
- Change in the past 30 days: -43.1%
Stellar (XLM)
Stellar is a blockchain platform that focuses on cross-border payments and asset transfers, known for its extensive collaboration within the US financial sector. An example is the asset management giant (Franklin Templeton launching an innovative fund in 2021 - the first mutual fund approved by US regulators to use public blockchain to process transactions and record shares.
This fund uses the Stellar blockchain to record shares and rebalance the investment portfolio, which includes low-risk US government securities. In other words, XLM helps traditional Wall Street investment products go on-chain and maintain operations, proving its feasibility in the compliant financial field. Furthermore, the Stellar Development Foundation (SDF) is also quite active in the US political arena. They have a significant network in Washington, DC, actively participating in lobbying and discussions on cryptocurrency and stablecoin bills in Capitol Hill.
Therefore, if the United States introduces favorable regulatory framework or incorporates blockchain into financial infrastructure, XLM’s market attention and beneficiary probability will also increase significantly.
- Market Cap: 8,677,224,786
- Market Cap Ranking: 17
- Change in the past 30 days: -27.5%
Conclusion: The cryptocurrency circle is moving towards the American narrative melody
From Trump’s order to the gradual warming of the regulatory trend in the United States, ‘Made in America’ cryptocurrencies are quietly becoming the new focus of the market. Chainlink, Ondo Finance, Hedera Hashgraph, Stacks, and Stellar, these five tokens each have their own characteristics. Some bridge traditional finance, some promote asset securitization, some gain recognition from enterprises and governments, while others give Bitcoin new functions. If the United States continues to release favorable policies in the future, these American concept coins may usher in a wave of capital influx.
