GMCI launches index to track US-created cryptocurrencies

What’s new? Index provider GMCI has unveiled a new USA Select index that tracks the rates of cryptocurrencies launched by US companies and developers. Composed of 13 assets, the index aims to become the standard for US-focused crypto investing strategies.

The Block’s data

What else is known? The largest share in the index (29%) is held by the XRP token from fintech company Ripple with a capitalization of over $179,1 billion, followed by the native token of the Solana (SOL) blockchain with a 26,4% share and a market capitalization of $116,9 billion.

The index also includes the oldest and largest meme token Dogecoin (DOGE) with a 12,4% share and a market capitalization of $48,99 billion and the native token of the Cardano (ADA) blockchain from Ethereum co-founder Charles Hoskinson with an 8,6% share and a market capitalization of $34,5 billion.

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Shares of less than 4% come from the native token of the decentralized oracle network Chainlink (LINK), blockchain tokens Sui (SUI), Stellar (XLM), Avalanche (AVAX), Near (NEAR), Aptos (APT), Litecoin (LTC), as well as the Hedera (HBAR) network token and the token of the leading decentralized exchange (DEX) Uniswap (UNI).

Daily growth of the GMCI USA index amounted to 2,18%. Since the beginning of the year, it has grown by 22,31%, and since January 1, 2021, the increase has been 535%.

The index was launched after the inauguration of Donald Trump, who during his election campaign repeatedly spoke in favor of cryptocurrencies, and after coming to power issued an executive order recognizing cryptocurrency as a national priority.

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The executive order is expected to trigger increased market attention to the protocols launched in the United States, which, coupled with increased regulatory clarity, will stimulate their growth.

The index will also allow observing changes in the policies of foreign crypto firms. Previously, many of them did not allow US users to trade and airdrop for fear of regulatory risks, and some created local branches.