Mark Cuban mulls Memecoin to pay off US debt.
Billionaire and Cost Plus Drugs co-founder Mark Cuban came up with the idea of creating a memecoin to raise funds to pay for the U.S. national debt.
On January 21, Cuban said that if memecoins were “the way to go,” he might issue something similar to U.S. President Donald Trump’s official memecoin. He said the token would have the same terms and launch schedule as Trump’s, but that all proceeds would be used to pay off the U.S. national debt.
source: Mark Cuban
Cuban said the wallet addresses will be posted publicly so people can track them. He added that people who enjoy gambling with meme-based tokens could contribute to repaying US debt. “If you want to gamble, gamble. But at least use it to reduce U.S. debt,” he wrote.
Memecoin and the US Government
In recent years, the U.S. government has been perceived as anti-cryptocurrency, but the newly inaugurated president has shown interest in the cryptocurrency world. In addition to the official Non-Fungible Token (NFT) project, Trump has also entered the memecoin space.
President Trump launched the official memecoin token, Official Trump (TRUMP), on January 18, just a few days before the inauguration ceremony. The token reached a market capitalization of $14.5 billion within a day of launch. However, it has since fallen nearly 50% from its peak and is currently trading at around $38.56, according to CoinGecko.
Likewise, First Lady Melania Trump also entered the memecoin market with the official MELANIA token. According to CoinGecko.n, the token achieved a market capitalization of $6 billion upon its debut, but has since fallen to around $680 million.
relevant: Trump’s first day in office ended without any mention of cryptocurrency
Could Cuban’s potential memecoin impact US debt?
According to the U.S. Treasury, the U.S. national debt over history is nearly $36 trillion.
US national debt as of September 2024. Source: U.S. Treasury
Cuba’s comments, while not a serious proposition, highlight the scale of America’s debt problem.
Even if Cuba’s potential memecoin performs as well as Trump’s token and retains its value when used to pay off debt, the impact would be minimal. At best, it will be reduced by about 0.03% of the total national debt.
And token values typically decrease as they are sold, so the actual contribution to the debt may be much smaller.
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