Trump's posts naming 5 cryptocurrencies under consideration for inclusion in a new U.S. “strategic reserve” cause their values to skyrocket

United States President Donald Trump on Sunday named five cryptocurrencies under consideration for inclusion in a new U.S. “strategic reserve,” causing their values to skyrocket

A new U.S. “strategic reserve” is being planned by President Donald Trump, who is considering the inclusion of five cryptocurrencies for the initiative, the president said on Sunday.

The president set up a working group shortly after taking office to discuss the possibility of creating a strategic reserve that would be used to store and manage the government's cryptocurrency holdings. The group is now making progress on the project, he said in a post to his Truth Social network.

The reserve will include three smaller cryptocurrencies: XRP, Solana, and Cardano, Trump said.

The value of all three digital currencies shot up on the news. XRP was trading up around 34 % at 1:00 pm local time in Washington (1800 GMT), while Solana gained around 22 % and Cardano rose more than 63 %.

A few minutes later, Trump posted again, noting that other valuable cryptocurrencies including bitcoin and ether would be at “the heart of the Reserve.”

The price of the two major digital currencies rose more than 10 % and 12 % respectively.

Trump’s posts helped spur a broad rally among cryptocurrencies, which had plummeted in recent days as his tariff threats and new scandals affecting the sector shook investor confidence in the highly volatile assets.

On Saturday, Trump said he was planning to impose tariffs on goods from China once again in an effort to force the Asian nation to accept a trade deal.

The president’s posts are not the first time that he and those in his administration have discussed cryptocurrencies.

Both Trump and his wife Melania recently launched their own branded meme coins, sparking accusations that they were seeking to make money from his political success.

And the billionaire chief executive Elon Musk — a close political ally whom Trump has tasked with leading a government efficiency drive — has frequently promoted cryptocurrencies on his own social media network, X.