Trump’s Pro-Crypto Stance Spurs Gemini, Figure IPO Rally; Other Issuers Speed Up Plans For Treasury-Backed Stablecoins

The Trump administration’s open endorsement of cryptocurrencies has ignited a streak of public listings that many in the financial sector consider nothing short of extraordinary. On September 12, 2025, Gemini, the crypto exchange built by brothers Cameron and Tyler Winklevoss, better known for their high-profile legal battle with Facebook, marked its stellar debut on the stock market. The company had priced its shares at $28 apiece, and raised $425 million, briefly trading as high as $45.89, thus indicating a premium of around 63 per cent from its band price.

A day prior, Figure Technology Solutions, a Blockchain lender that had built its name on transforming lending through distributed ledgers, listed on the Nasdaq at $36 a share, representing a steep climb from its $25 issue price. The initial public offering (IPO) raised $787.5 million, a huge amount given the persistent criticism surrounding crypto, which many view as a speculative bubble.

These two listings are not isolated. They are the latest in a growing line of digital asset companies testing public markets under a friendlier regulatory environment ushered in by the Trump administration.

How Crypto-Related Stocks Have Performed So Far

Earlier on June 5, 2025, Circle Internet Group, the issuer of the USDC Stablecoin, pushed its valuation to $7 billion in anticipation of its own IPO. When the listing happened, Circle’s stock opened at $69, nearly doubling on its first day of trade. 

The same month, another heavyweight, Bullish, the parent company of CoinDesk and backed by investor Peter Thiel, increased the size of its IPO to $1.11 billion. It priced its shares at $37 apiece, but opened at more than double, at a hefty $90 in August, 2025.

From USDT to USAT

Meanwhile, the Stablecoin USDT is preparing for yet another venture. Tether, which is the issuer of the world’s largest dollar-backed Stablecoin, USDT, has announced the creation of a new token: USAT. Unlike its predecessor, this coin will be tightly tied to US Treasury Bills and subject to the GENIUS Act a legislation that the Trump administration has pushed as the backbone of its Stablecoin strategy.

“USAT is our commitment to ensuring that the dollar not only remains dominant in the digital age, but thrives,” Tether CEO Paolo Ardoino said in an official statement. The project will be overseen by Anchorage Digital Bank, with Cantor Fitzgerald acting as custodian and primary dealer. At present, Tether has a market capitalisation of $169 billion, according to CoinGecko data cited by Reuters.

Incidentally, analysts at JPMorgan had in a note earlier this year, argued that Stablecoins are poised to become the third-largest buyers of US Treasuries. This claim further reflects how deep these digital assets have already seeped into traditional markets. Tether itself is the seventh-largest holder of US government debt, with over $33.1 billion in Treasuries.

America’s ‘Crypto President’

The flurry of IPOs and token launches can be attributed to US President Donald Trump’s vocal support for crypto assets, with many openly calling him America’s “Crypto President”. His stance has been consistent: let cryptocurrencies flourish, while simultaneously bolstering Stablecoins that tether digital money to the strength of the dollar.

Incidentally, Trump’s sons, Eric and Donald Trump Jr., have been vocal endorsers of World Liberty Financial’s $WLFI token, a project that aims to build not only a cryptocurrency, but a wider ecosystem involving an exchange, a treasury, a wallet, and even mining infrastructure. Earlier this month, Eric Trump had also travelled to Hong Kong and Japan for crypto-focused events, where he speculated about Bitcoin possibly reaching $1 million in value.

Trump’s critics have also called him out over conflict of interest for his family’s involvement in World Liberty Financial.